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of <h1>Madras High Court Rules Benami Transactions Amendment Act 2016 Applies Prospectively, Upholds Tribunal Decision on Section 5.</h1> The Madras High Court addressed the applicability of the Benami Transactions (Prohibition) Amendment Act, 2016, focusing on whether Section 5 should apply retrospectively. The court upheld the Tribunal's decision, which relied on the Supreme Court's ruling that punitive provisions under the 2016 Act apply only prospectively. It was determined that the amendment was substantive, not merely procedural. The court also noted the unconstitutionality of certain provisions in the unamended 1988 Act and the 2016 Amendment. The appeals were disposed of, pending a Supreme Court review petition, establishing a precedent for the prospective application of amendments in benami transactions.
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