Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
The High Court dismissed the petition challenging the complaint filed under the Prevention of Money Laundering Act (PMLA) for customs duty evasion. The court held that any person (Directors) directly or indirectly involved in projecting proceeds of crime as untainted property is guilty of money laundering u/s 3 of PMLA, punishable u/s 4. The person need not be an accused in the predicate offence. The petitioners' contention of not being involved in the company's day-to-day administration was rejected, as the PMLA complaint was for possession and use of proceeds of crime, not for offences committed as directors. The court reiterated that money laundering is a stand-alone offence distinct from the predicate offence, and the trial court should proceed uninfluenced by observations in this order.
The High Court dismissed the petition challenging the complaint filed under the Prevention of Money Laundering Act (PMLA) for customs duty evasion. The court held that any person (Directors) directly or indirectly involved in projecting proceeds of crime as untainted property is guilty of money laundering u/s 3 of PMLA, punishable u/s 4. The person need not be an accused in the predicate offence. The petitioners' contention of not being involved in the company's day-to-day administration was rejected, as the PMLA complaint was for possession and use of proceeds of crime, not for offences committed as directors. The court reiterated that money laundering is a stand-alone offence distinct from the predicate offence, and the trial court should proceed uninfluenced by observations in this order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
