Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
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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.
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