Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
A prima facie money trail traced through forensic audit and fund movements showed diversion of company funds through fictitious procurement transactions and routing to vendors before transfer to the appellants, their family members and related entities. The Tribunal held that this material, together with the statutory burden on the appellants, required proof of a lawful source; mere assertions of consultancy charges, salary or rental income were insufficient without supporting evidence. The retention and freezing of the bank accounts, mutual funds, DEMAT accounts and other movable properties were therefore upheld as proceeds of crime, subject to the final outcome of the trial.
A prima facie money trail traced through forensic audit and fund movements showed diversion of company funds through fictitious procurement transactions and routing to vendors before transfer to the appellants, their family members and related entities. The Tribunal held that this material, together with the statutory burden on the appellants, required proof of a lawful source; mere assertions of consultancy charges, salary or rental income were insufficient without supporting evidence. The retention and freezing of the bank accounts, mutual funds, DEMAT accounts and other movable properties were therefore upheld as proceeds of crime, subject to the final outcome of the trial.
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