raman (private) 25 November 2012
A new law Benami transaction act 2011 may be passed soon and the existing one of 1988 would be repealed.
So what happens to the Benami trasactions before this bill is passed. Do they get amnesty or they would be tried under the new law. Only cases pending would be transferrd under the new law. What if no case pending but wants to file case under the new law of Benami transaction of 2000.
Generally what happens when new law comes and existing one is repealed?
Advocate Vishnu (Advocate) 25 November 2012
When a new law comes into force, it will operate prospectively. That means it will be followed the day from which it is brought into force.
However some time the new law may contain a provision to state that the new law will be binding on the subject matter of the earlier law. This is generally common in fiscal statutes.
If any cases are pending as a result of the earlier law, the new enactment may sometime give relief or the cases will tried as per earlier law . It depends on the subject matter of the case.
raman (private) 26 November 2012
Thanks,
In case there is no case pending but benami transaction of earlier time is reported after new law comes into force.
Is it tried under the earlier law or no law is now applicaple to it? Meanng there is now amnesty to all earlier benami transaction?
Advocate Vishnu (Advocate) 26 November 2012
Even if an earlier benami transaction is reported now,
the matter will be taken for adjudication depends on the words mentioned in the new statute.
ie : whether the act will act prospectively or retrospectively.
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
