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Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
The HC held that quashing of FIR does not automatically lead to quashing of ECIR under PMLA. PMLA is a sui generis legislation with section 3 being a standalone provision. ECIR cannot be equated with FIR as ECIR becomes independent once initiated. Quashing of FIR on technical grounds does not exonerate accused from predicate offence u/s 447 of Companies Act which is a scheduled offence. ECIR was not liable to be quashed as the predicate offence was still pending. Petition dismissed with the direction that trial court shall proceed uninfluenced by observations on factual aspects.
The HC held that quashing of FIR does not automatically lead to quashing of ECIR under PMLA. PMLA is a sui generis legislation with section 3 being a standalone provision. ECIR cannot be equated with FIR as ECIR becomes independent once initiated. Quashing of FIR on technical grounds does not exonerate accused from predicate offence u/s 447 of Companies Act which is a scheduled offence. ECIR was not liable to be quashed as the predicate offence was still pending. Petition dismissed with the direction that trial court shall proceed uninfluenced by observations on factual aspects.
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