Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
HC denied bail in money laundering case involving spurious anti-cancer medicine manufacturing scheme. Despite applicant's claim for exemption under Rs. 1 crore threshold per Section 45 PMLA proviso, court found scheme's total value exceeded this limit. Court applied twin conditions under Section 45 PMLA and statutory presumption under Section 24. Evidentiary materials including Section 50 PMLA statements, financial records, and WhatsApp communications demonstrated applicant's involvement in proceeds of crime. Applicant failed to rebut presumption of guilt or satisfy bail conditions. Court emphasized admissibility of Section 50 statements as judicial proceedings, rejecting constitutional challenge. Given ongoing investigation and supplementary prosecution complaint, bail application dismissed.
HC denied bail in money laundering case involving spurious anti-cancer medicine manufacturing scheme. Despite applicant's claim for exemption under Rs. 1 crore threshold per Section 45 PMLA proviso, court found scheme's total value exceeded this limit. Court applied twin conditions under Section 45 PMLA and statutory presumption under Section 24. Evidentiary materials including Section 50 PMLA statements, financial records, and WhatsApp communications demonstrated applicant's involvement in proceeds of crime. Applicant failed to rebut presumption of guilt or satisfy bail conditions. Court emphasized admissibility of Section 50 statements as judicial proceedings, rejecting constitutional challenge. Given ongoing investigation and supplementary prosecution complaint, bail application dismissed.
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