2020 (3) TMI 899 - SC - Benami Property

Benami Transaction - acquired property - as alleged that the said property was benami under Section 2(8) of the said Act of 1988, as amended - alleged violation of Section 2(9)(D) thereof - alleged that the consideration for this transaction was provided by non-traceable fictitious/shell entities having no real business , rendering the transaction benami - HELD THAT - Mr. Ankit Anandraj Shah, learned counsel accepts notice on behalf of respondent. In the meantime, the operation of the impugned order insofar as it holds that 2016 amendment of the Benami Transactions Act, 1988 was prospective in nature, shall remain stayed.

Summary

The Supreme Court of India issued an order staying the operation of an impugned order regarding the prospective nature of the 2016 amendment to the Benami Transactions Act, 1988. Ankit Anandraj Shah accepted notice on behalf of the respondent.