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Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
AT adjudicated a money laundering case involving failure to file Cash Transaction Reports (CTRs) for interconnected transactions exceeding Rs. 10 lakhs monthly. The tribunal reduced penalties from initial assessments, imposing a consolidated penalty of Rs. 50,000 for non-reporting of 9 CTRs and an additional Rs. 10,000 for ineffective internal transaction monitoring mechanisms. The ruling affirmed contravention of PMLA Section 12(1)(b) and PML Rules, while adopting a relatively lenient approach by substantially mitigating the original penalty quantum. Appeal was disposed of with directed monetary penalties against the appellant bank.
AT adjudicated a money laundering case involving failure to file Cash Transaction Reports (CTRs) for interconnected transactions exceeding Rs. 10 lakhs monthly. The tribunal reduced penalties from initial assessments, imposing a consolidated penalty of Rs. 50,000 for non-reporting of 9 CTRs and an additional Rs. 10,000 for ineffective internal transaction monitoring mechanisms. The ruling affirmed contravention of PMLA Section 12(1)(b) and PML Rules, while adopting a relatively lenient approach by substantially mitigating the original penalty quantum. Appeal was disposed of with directed monetary penalties against the appellant bank.
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