Section 53 of Benami Transactions (Prohibition) Amendment Act, 2016 is prospective

Rajesh Katyal Vs Income Tax Department (Delhi High Court) Supreme Court in judgment of Ganpati Dealcom Pvt. Ltd. Held that offence under Section 53 of Benami Transactions (Prohibition) Amendment Act, 2016 is prospective and would only apply to those transactions which were entered into after amendment came into force i.e., 01st November, 2016. Supreme has categorically held that the Act 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...