The Supreme Court ruled that the 2016 amendment to the benami property law cannot be applied retrospectively, quashing all such cases where transactions prior to October 25, 2016, were being looked into. The verdict came on the appeal of the Centre challenging the Calcutta High Court judgement in which it was held that the amendment made in the 1988 Act in 2016 would be applicable with prospective effect.
Against this backdrop, Naresh Thacker, Partner at Economic Laws Practice (ELP) has been quoted by The Economic Times in their article titled ‘Supreme Court strikes down provision of 1988 Benami law’. He says, “This will come as a huge relief to persons against whom there are pending prosecutions under the provisions of the amended act with regards to transactions prior to 2016.”
Read the comment and detailed article here: https://bit.ly/3AFKkuq