https://www.taxtmi.com/caselaws?id=448142 The Madras HC dismissed appeals challenging an Appellate Tribunal order regarding benami property transactions. The appellants argued that Section 5 of the Prohibition of Benami Property Transactions Act, 1988 as amended in 2016 should apply retrospectively to transactions involving shell companies. However, the court held that the SC decision in Union of India v. Ganapati Dealcom Pvt Ltd governs, which prevents retrospective application of the amended provisions. The court noted that a pending review petition of the SC judgment, even with condoned delay and allowed oral hearing, cannot justify interfering with the Tribunal's order since no stay was granted. en-us Thu, 21 Dec 2023 00:00:00 +0530 Fri, 12 Jan 2024 08:41:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448142 The Madras HC dismissed appeals challenging an Appellate Tribunal order regarding benami property transactions. The appellants argued that Section 5 of the Prohibition of Benami Property Transactions Act, 1988 as amended in 2016 should apply retrospectively to transactions involving shell companies. However, the court held that the SC decision in Union of India v. Ganapati Dealcom Pvt Ltd governs, which prevents retrospective application of the amended provisions. The court noted that a pending review petition of the SC judgment, even with condoned delay and allowed oral hearing, cannot justify interfering with the Tribunal's order since no stay was granted. Case-Laws Benami Property Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448142