Thursday, December 1, 2022
HomeBusinessBenami Act Latest News: Supreme Court has declared this provision of Benami...

Benami Act Latest News: Supreme Court has declared this provision of Benami Act as unconstitutional

Benami Transactions Act: The people against whom action is being taken for the benami transactions done before November 1, 2016, those people have got a big relief from the Supreme Court. In an important decision given on Tuesday, the Supreme Court has said that the amendment made in the Benami Law in the year 2016 will be applicable from a future date only. And the Supreme Court has upheld the decision of the Kolkata High Court in the Ganpati Dealcom case related to this. After this decision of the Supreme Court, if action is being taken against anyone for benami transactions done before November 1, 2016, then it will be declared invalid. This decision has been given by a three-judge bench of the Supreme Court comprising Chief Justice NV Ramana, Justice Krishna Muradi and Justice Hima Kohli.

This decision of the Supreme Court has brought great relief to those people against whom action is being taken under the Benami Act for benami transactions done before November 1, 2016. However, let us tell you that this decision of the Supreme Court will not provide any relief to those people who have done any benami transaction during demonetisation on or after November 1, 2016.

The Supreme Court said that Section 3(2) of the Benami Transaction Amendment Act 2016 is unconstitutional. Because the benami law will be applicable from a later date and will not be considered applicable to old cases also. According to Section 3(2) of the Benami Transactions Amendment Act, 2016, if a person commits a benami transaction, he can be punished with imprisonment of up to seven years with a fine equal to 25 per cent of the fair value of the property. Also, the provision of confiscation of benami property is also present in the law. The Supreme Court clearly said that this law cannot be applied retrospectively.

- Advertisement -
MOBILE

- Advertisment -

- Advertisment -spot_imgspot_imgspot_img

Auto

Two Wheeler

BUSINESS AND FINANCE

Digit News

spot_img