Supreme Court Issues Notice on Condonation Application of Delayed SLP Filing by Income Tax Dept Challenging Retrospective Effect of Benami Transaction Amendment

The Supreme Court issued notice on the Income Tax Department's application for condonation of delay in filing a Special Leave Petition against the Telangana High Court's judgment. \r

The High Court's decision pertained to the retrospective effect of the Benami Transactions (Prohibition) Amendment Act, 2016 on transactions from 2011. M/s. Nexus Feeds Limited, the assessee, was deemed the beneficial owner, with funds from unknown sources invested in shares under a benami arrangement. \r

The High Court upheld the Act's retrospective applicability, rejecting the petitioner's argument against it. Chief Justice, Justice J. B. Pardiwala, and Justice Manoj Misra comprised the three-judge bench.