Thursday, July 18, 2019

Benami Transactions (Prohibition) Amendment Act, 2016 amending Benami Act, 1988 can’t have retrospective effect

BENAMI ACT : Benami Transactions (Prohibition) Amendment Act, 2016, amending Prohibition of Benami Property Transactions Act, 1988, enacted with effect from 1-11-2016 i.e. date determined by Central Government in its wisdom for its enforcement, cannot have retrospective effect

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000189307/benami-transactions-prohibition-amendment-act-2016-amending-benami-act-1988-can’t-have-retrospective-effect.aspx

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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