Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
HC ruled the seizure of a luxury vehicle and freezing of a company's bank account under PMLA was illegal. No scheduled offences were established, and no substantive link existed between the petitioner's company and the alleged money laundering proceedings. The Enforcement Directorate failed to follow due process under Section 17 of PMLA, including recording proper belief and forwarding necessary documentation to the Adjudicating Authority. The court found the actions unauthorized, emphasizing that familial connections do not automatically implicate corporate liability. While the current seizure and freezing were deemed unlawful, the court noted that future investigations could potentially pursue legal remedies if credible evidence emerges. Application allowed, with the vehicle and bank account to be released.
HC ruled the seizure of a luxury vehicle and freezing of a company's bank account under PMLA was illegal. No scheduled offences were established, and no substantive link existed between the petitioner's company and the alleged money laundering proceedings. The Enforcement Directorate failed to follow due process under Section 17 of PMLA, including recording proper belief and forwarding necessary documentation to the Adjudicating Authority. The court found the actions unauthorized, emphasizing that familial connections do not automatically implicate corporate liability. While the current seizure and freezing were deemed unlawful, the court noted that future investigations could potentially pursue legal remedies if credible evidence emerges. Application allowed, with the vehicle and bank account to be released.
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TaxTMI 
TaxTMI 
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