2022 (11) TMI 606 - HC - Benami Property/ Transactions
Benami transactions - Scope of amendemnt by the Benami Transactions (Prohibition) Amendment Act, 2016 which came into effect on 01st November 2016 - HELD THAT:- The Supreme Court in the judgment of Ganpati Dealcom [2022 (8) TMI 1047 - SUPREME COURT] has at paragraph no.92 recorded the concession made by the Union of India that the offence under Section 53 of the Act of 2016 is prospective and would only apply to those transactions which were entered into after amendment came into force i.e., 01st November, 2016. The Supreme Court at paragraph nos. 94 and 130(e) of the said judgment has categorically held that the Act of 2016 which contains the criminal provisions is applicable only prospectively and quashed the prosecution proceedings.
It is admitted in the present case that the alleged benami transactions undertaken by the Petitioner were entered prior to 01st November 2016. In light of the law as declared by the Supreme Court in Ganapati Dealcom [2022 (8) TMI 1047 - SUPREME COURT] the present writ petition is allowed. The Show Cause Notice dated 04th April, 2022 shall stand quashed.