Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Substitution of attached proceeds of crime with a bank guarantee does not justify release of identifiable immovable property under the PMLA. The statutory scheme aims to prevent enjoyment of assets derived from illegal activity and preserve them for confiscation or restitution. Releasing such property for use or transfer may enable its depletion, generate further funds, and legitimise income derived from it, undermining those objectives. The request for de-attachment and substitution with an equivalent bank guarantee was rejected, and the writ petition was dismissed.
Substitution of attached proceeds of crime with a bank guarantee does not justify release of identifiable immovable property under the PMLA. The statutory scheme aims to prevent enjoyment of assets derived from illegal activity and preserve them for confiscation or restitution. Releasing such property for use or transfer may enable its depletion, generate further funds, and legitimise income derived from it, undermining those objectives. The request for de-attachment and substitution with an equivalent bank guarantee was rejected, and the writ petition was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
