Adjudicating authority passed an order of attachment against assessee-company by applying provisions of Benami Transactions (Prohibition) Amendment Act, 2016 on transaction which took place prior to 1-11-2016. Assessee filed instant writ petition for setting aside order issued by adjudicating authority on ground that transactions could not have been classified as benami transaction by retroactively applying law enacted in year 2016. In view of decision in case of Neopride Pharmaceuticals Limited v. Adjudicating Authority W.P. No. 33191 of 2022 dated 13-9-2022, wherein it was held that section 2(9)(a) inserted by Amended Act of 2016 was prospective in nature and it could not be applied to transaction which took place prior to 1-11-2016. Writ petitions were to be allowed.
Nutrient Marine Foods Ltd v. Adjudicating Authority (2023) 152 taxmann.com 86 (Telengana)(HC) Editorial : SLP of Revenue was dismissed, ACIT v. Nutrient Marine Foods Ltd. (2023) 293 Taxman 602 (SC)
S. 2(9): Benami Property transactions-Section 2(9) of Benami Transactions (Prohibition) Amendment Act, 2016 being prospective in nature, it could not be applied to transaction which took place prior to 1-11-2016. [Art. 226]