Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
The Tribunal held that the appellant's admitted receipt of funds...
Equivalent value attachment under money laundering law upheld where received funds were treated as proceeds of crime and prior-acquired property could be attached.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The Tribunal held that the appellant's admitted receipt of funds from the main accused, coupled with the absence of any loan document or proof of repayment, showed that the amount was not a genuine loan but proceeds of crime in the appellant's hands. As the actual tainted funds were unavailable, attachment of property of equivalent value was permissible. It further held that property acquired before the scheduled offence is not immune from attachment where it is proceeded against as equivalent value property, because the definition of proceeds of crime includes the value of such property and a narrower reading would defeat the Act's object. The appeal was dismissed and the provisional attachment confirmed.
The Tribunal held that the appellant's admitted receipt of funds from the main accused, coupled with the absence of any loan document or proof of repayment, showed that the amount was not a genuine loan but proceeds of crime in the appellant's hands. As the actual tainted funds were unavailable, attachment of property of equivalent value was permissible. It further held that property acquired before the scheduled offence is not immune from attachment where it is proceeded against as equivalent value property, because the definition of proceeds of crime includes the value of such property and a narrower reading would defeat the Act's object. The appeal was dismissed and the provisional attachment confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
