TMI Blog2022 (11) TMI 606X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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. - W.P.(C) 8422/2022 - - - Dated:- 3-11-2022 - HON'BLE MR. JUSTICE MANMOHAN AND HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA Petitioner Through: Mr. Sidhartha Das, Advocate. Respondent Through: Mr. Zoheb Hossain, Senior Standing Counsel for Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Dealcom Pvt. Ltd., [2022] SCC OnLine SC 1064, holding that concerned authorities cannot initiate or continue criminal prosecution for transactions entered into prior to the coming into force of the Act of 2016 and declaring that all such prosecutions shall stand quashed. 4. Issue notice. Mr. Zoheb Hossain, accepts notice. He states that the Department is in a process of filing a Review Petition before the Hon ble Supreme Court against the judgment in Ganpati Dealcom (supra). 5. We have heard the learned counsel for the parties. M/s AK Infosystems Pvt. Ltd. is the owner of the land alleged to be held benami. The Petitioner resigned as a director of M/s AK Infosystems Pvt. Ltd. on 01 st August, 2008 and he sold his entire sharehold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t hand, the 2016 Act containing the criminal provisions is applicable only prospectively, as the relevant Sections of the pre-amendment 1988 Act containing the penal provision, have been declared as unconstitutional. Therefore, the question of construction of the 2016 Act as retroactive qua the penal provisions under Sections 3 or 53, does not arise. xxx xxx xxx 130. In view of the above discussion, we hold as under: xxx xxx xxx e) Concerned authorities cannot initiate or continue criminal prosecution or confiscation proceedings for transactions entered into prior to the coming into force of the 2016 Act, viz., 25.10.2016. As a consequence of the above declaration, all such prosecutions or confiscation proceedings shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
