Home Case Index All Cases Income Tax Income Tax + SCH Income Tax - 2023 (7) TMI SCH This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 411 - SCH - Income TaxBenami transaction - Beneficial owner of property - Provisional attachment order - scope of Amendment Act of 2016 - Amendment to Prohibition of Benami Property Transactions Act, 1988 as amended by the Benami Transactions (Prohibition) Amendment Act, 2016 - HELD THAT - The issue raised in these petitions is squarely covered by the judgment of this Court in Union of India Anr. vs. Ganpati Dealcom Pvt. Ltd. 2022 (8) TMI 1047 - SUPREME COURT as held Section 2 (9) (A) and Section 2 (9) (C) are substantive provisions creating the offence of benami transaction. These two provisions are significantly and substantially wider than the definition of benami transaction under Section 2 (a) of the unamended 1988 Act. Therefore, Section 2 (9) (A) and Section 2 (9) (C) can only have effect prospectively. Central Government has notified the date of coming into force of the Amendment Act of 2016 as 01.11.2016. Therefore, these two provisions cannot be applied to a transaction which took place prior to 01.11.2016. As petitioners contends that review of the said judgment is pending. Since as of now the issue stands covered by the judgment in the case of Ganpati Dealcom Pvt. Ltd.(supra), we dismiss these special leave petitions for the same reasons and ground. Delay condoned. Liberty to the petitioners to approach this Court again by filing a fresh petition in case the review petition(s) is allowed, is kept reserved.
The Supreme Court dismissed special leave petitions as the issue raised was covered by a previous judgment. The petitioners have the liberty to file a fresh petition if the review petition is allowed.
|