2022 (11) TMI 606

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....ate. Respondent Through: Mr. Zoheb Hossain, Senior Standing Counsel for Revenue with Mr. Vipul Agrawal & Mr. Parth Semwal, Advocates. J U D G M E N T MANMEET PRITAM SINGH ARORA, J (ORAL): 1. Present writ petition has been filed seeking a direction for quashing and to set aside the Show Cause Notice dated 04th April, 2022 ('SCN') issued by the Respondent under Section 53 of the Prohibit....

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....e punished under the amended Section 53 (1) of the Act, which was brought into effect on 01st November, 2016 for a transaction which was undertaken prior to its coming into effect. 3. He states that the said issue is no longer res integra in view of the authoritative judgment dated 23rd August, 2022 of the Supreme Court in Union of India and Another. v. Ganpati Dealcom Pvt. Ltd., [2022] SCC OnL....

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....anpati Dealcom (supra) has at paragraph no.92 recorded the concession made by the Union of India that the offence under Section 53 of the Act of 2016 is prospective and would  only apply to those transactions which were entered into after amendment came into force i.e., 01st November, 2016. The Supreme Court at paragraph nos. 94 and 130(e) of the said judgment has categorically held that the ....

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....on of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of the commission of the offence. xxx xxx xxx 94. In the case at hand, the 2016 Act containing the criminal provisions is applicable only prospectively, as the relevant Sections of the pre-amendment 1988 Act containing the penal p....