2019 (2) TMI 1334

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...., Adv., Mr. Bajrang Manot, Adv., And Ms. B. Verma, Adv. For The U.O.I : Mr. Kaushik Chanda, Learned Additional Solicitor General Mr. Anil Gupta, Adv. Mrs. Debjani Ray, Adv ORDER The Court : A very interesting question of law of constitutional importance is raised in this appeal. It concerns the Prohibition of Benami Property Transactions Act, 1988 as amended by Act 43 of 2016 from 1st Nov....

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.... the Benami Transaction Act was operative from 1988. Only amendments had been made in 2016 which did not interfere with accrued rights. The show-cause notice had been validly issued. Moreover under Section 26(7) of the said Act, no order could be passed under Section 24(5), that is to say, the substantive order on the show-cause notice, after the expiry of one year from the end of the month in whi....

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....ns: "The issue whether a shareholder and a company are separate legal entities and that a shareholder cannot be treated as a beneficial owner within the meaning of the amendment Act of 1988 in respect of a property owned by a company incorporated under the provisions of the Companies Act, 1956 needs to be gone into." The authority in our opinion cannot decide its own jurisdiction in su....