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Issues: Whether the provisional attachment order and reference order passed under the benami law could survive when the alleged transaction predated the commencement of the Amendment Act, 2016.
Analysis: The transaction date reflected in the record was prior to 25-10-2016. In view of the binding declaration that sections 3 and 5 of the Benami Transactions (Prohibition) Amendment Act, 2016 operate prospectively, proceedings for transactions entered into before the commencement date could not be continued. The admitted facts brought the case within that principle, making the impugned attachment and reference unsustainable.
Conclusion: The impugned provisional attachment order and the reference order were quashed.
Ratio Decidendi: Provisions creating benami liability and confiscatory consequences under the Amendment Act, 2016 cannot be applied retrospectively to transactions completed before its commencement.
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