Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
The Tribunal discussed PMLA attachment where the money trail showed circulation of funds through group companies, paper entities and restructuring arrangements, and held that such routing could constitute layering and proceeds of crime. It rejected explanations based on surplus funds, security deposits, home loans or corporate debt restructuring when unsupported by records, and noted that the burden to disprove taint lay on the claimant. It also accepted equivalent value attachment where diverted funds were no longer available and sustained provisional attachment of properties, subject to the final outcome of trial.
The Tribunal discussed PMLA attachment where the money trail showed circulation of funds through group companies, paper entities and restructuring arrangements, and held that such routing could constitute layering and proceeds of crime. It rejected explanations based on surplus funds, security deposits, home loans or corporate debt restructuring when unsupported by records, and noted that the burden to disprove taint lay on the claimant. It also accepted equivalent value attachment where diverted funds were no longer available and sustained provisional attachment of properties, subject to the final outcome of trial.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
