Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Money Laundering - scheduled offences - predicate offence - The High Court confirmed that the offense under Section 3 of the PMLA depends on the existence of proceeds from a criminal activity related to a scheduled offense. Following the respondents' acquittal in the predicate offense, the foundational basis for the money laundering charges was negated. The Court ordered the release of the attached properties and bank accounts, stating that since the underlying crime was not proven, the properties could not be considered proceeds of crime. The High Court observed that the mere filing of an appeal against an acquittal does not continue the conditions for criminal proceedings under the PMLA. Thus, until an acquittal is overturned, the discharged individuals should not be subject to the constraints of the charges initially brought against them.
Money Laundering - scheduled offences - predicate offence - The High Court confirmed that the offense under Section 3 of the PMLA depends on the existence of proceeds from a criminal activity related to a scheduled offense. Following the respondents' acquittal in the predicate offense, the foundational basis for the money laundering charges was negated. The Court ordered the release of the attached properties and bank accounts, stating that since the underlying crime was not proven, the properties could not be considered proceeds of crime. The High Court observed that the mere filing of an appeal against an acquittal does not continue the conditions for criminal proceedings under the PMLA. Thus, until an acquittal is overturned, the discharged individuals should not be subject to the constraints of the charges initially brought against them.
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