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    Third-party search assessments fail after the statutory cut-off, while unrelated cash-acceptance penalties remain subject to strict limitation.
    Interest expenditure linked to interest-bearing advances is deductible against taxable interest income when the borrowing nexus is established.
    Consequential cash-receipt penalty fails when the underlying addition is deleted and seized material does not implicate the assessee.
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      Money Laundering

      This summary pertains to a case involving the grant of regular...

      Court Denies Bail in Online Betting Case, Citing Strong Prima Facie Evidence and Risk of Reoffending.

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      Money LaunderingOctober 28, 2024Case LawsHC
      This summary pertains to a case involving the grant of regular bail in a money laundering case related to proceeds of crime from a scheduled offence of cheating and criminal conspiracy. The key points are: The court need not delve deep into the merits but should consider prima facie material against the accused. The court will not weigh evidence to determine guilt, as that is the trial court's role. At the bail stage, the court can only examine if a prima facie case is established. The criminal activity of opening bogus/benami bank accounts and utilizing them for illegal online betting, with illegal funds transferred through these accounts, constitutes proceeds of crime under PMLA. Digital records and statements u/s 50 of PMLA establish the applicant's link with the illegal betting website and generation of proceeds of crime. The applicant's involvement at the highest level of the betting website is corroborated by statements. The applicant's denial alone is insufficient to negate mens rea for the PMLA offence. Statements u/s 50 of PMLA can be considered for bail purposes. Sufficient evidence exists to prima facie show the applicant's involvement in the money laundering offence. Considering the organized nature of the crime and provisions of Section 45 of PMLA, there are reasonable grounds to believe the applicant is involved and likely to commit another offence on bail. Therefore, bail is.

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      ActsIncome Tax