Application of provisions of section 5 of the Benami Transactions (Prohibition) Amendment Act, 2016 - non-retrospective application of punitive legal provisions.

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..... Income Tax (Benami Prohibition) versus M/s. Advance Infra Developers Pvt Ltd represented by its Director Ravi Rajagopal involves a complex dispute related to alleged benami transactions and property. Key Issues * Alleged Benami Transactions: The case revolves around alleged benami transactions within the Marg Group of Companies. The Income Tax Department conducted a search revealing intricate .....

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..... t the respondent were not legally sustainable. * Prospective Application of the Amended Act: The court noted that the Appellate Tribunal, in its decision, relied on the Supreme Court judgment in Union of India vs. Ganpati Dealcom Pvt Ltd.[2022 (8) TMI 1047 - SUPREME COURT] , which held that the provisions under Section 5 of the Benami Transactions (Prohibition) Amendment Act, 2016, being punit .....

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..... ecide matters based on the law as it stands, without awaiting the outcome of a reference or a review petition unless specifically directed by the Supreme Court. * Disposition of Appeals: The court disposed of the Civil Miscellaneous Appeals filed by the appellants, with the observation that it would always be open for the appellants to proceed further based on the outcome of the Review Petitio .....

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..... dia, especially concerning benami transactions and the interplay between various amendments and legal interpretations. Conclusion The 2023 (12) TMI 620 judgment by the Madras High Court provides significant insights into the application and interpretation of laws related to benami transactions in India. It underscores the importance of following the Supreme Court's rulings and the non-retros .....

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