Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
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 
