SATYAJIT SAHA AND 9 ORS vs. THE UNION OF INDIA AND 3 ORS

The appeal is allowed

Bench: HONOURABLE MR. JUSTICE MICHAEL ZOTHANKHUMA,HONOURABLE MR. JUSTICE KAUSHIK GOSWAMI

Section 5 of the 2016 Act, Page No.# 8/17 being punitive in nature, can only be applied prospectively and not retroactively. e) Concerned authorities cannot initiate or continue criminal prosecution or confiscation proceedings for transactions entered into prior to the coming into force of the 2016 Act, viz., 25.10.2016. As a consequence of the above declaration, all such prosecutions