Section 5 Provision under Amended Act on Benami Property Transactions Applies Prospectively: Madras HC

DCIT Vs Navrang Infrastructure Pvt. Ltd. (Madras High Court) Introduction: The Madras High Court recently addressed the retroactive application of Section 5 of the Amended Prohibition of Benami Property Transaction Act. The appellants challenged the order of the Appellate Tribunal, arguing that the amended act should be applied retrospectively. However, the court’s decision and subsequent developments shed light on the complexities of the legal landscape. Detailed Analysis: Section 5 of the Prohibition of Benami Property Transactions Act, 1988, as amended in 2016, became the focal point ...