Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
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