https://www.taxtmi.com/caselaws?id=21738 Section 3 of the Benami Transactions (Prohibition) Act, 1988 operates prospectively because it prohibits future benami transactions and attaches penal consequences, but section 4 is a disabling provision that extinguishes the remedy and defence relating to benami property even in pending suits based on past transactions. The statutory exceptions in section 4(3) did not apply because the property was not held by a coparcener in a Hindu joint family and no fiduciary or trusteeship case was pleaded. The presumption in section 3(2) was also inapplicable to revive an earlier benami claim. The claim based on lack of notice under section 41 of the Transfer of Property Act failed on the finding of bona fide purchase without notice. en-us Thu, 06 Jun 1991 00:00:00 +0530 Wed, 25 Dec 2019 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21738 Section 3 of the Benami Transactions (Prohibition) Act, 1988 operates prospectively because it prohibits future benami transactions and attaches penal consequences, but section 4 is a disabling provision that extinguishes the remedy and defence relating to benami property even in pending suits based on past transactions. The statutory exceptions in section 4(3) did not apply because the property was not held by a coparcener in a Hindu joint family and no fiduciary or trusteeship case was pleaded. The presumption in section 3(2) was also inapplicable to revive an earlier benami claim. The claim based on lack of notice under section 41 of the Transfer of Property Act failed on the finding of bona fide purchase without notice. Case-Laws Benami Property Thu, 06 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21738