Supreme Court held that provisions of the Benami Transaction (Prohibition) Amendment Act, 2016 cannot be applied retroactively and inter alia declared Section 3(2) of the same is unconstitutional
In a recent judgment of Union of India and Anr. v. M/s Ganpati Dealcom Pvt. Ltd., the Supreme Court of India (“Supreme Court”) has held that the provisions, particularly Section 5, of Benami Transaction (Prohibition) Amendment Act, 2016 (“2016 Act”) cannot be applied retrospectively. The Supreme Court also declared Section 3(2) of the 2016 Act, and Section 3(3) and Section 5 of the Benami Transaction (Prohibition) Act, 1988 as unconstitutional for being manifestly arbitrary.
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