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The AT upheld the order of seizure and freezing of bank accounts, mutual funds, and securities under Section 51 of the Black Money Act, 2015. The appellant was found directly connected to an offshore company with bank accounts, and failed to provide substantive evidence challenging the allegations of undisclosed foreign income. The tribunal rejected the appellant's claims of procedural violations, noting that relevant documents were served and the appellant was facing parallel tax prosecution. The seizure order was maintained, subject to the final outcome of the ongoing criminal proceedings, with a provision that assets could be released if the appellant is ultimately discharged.
The AT upheld the order of seizure and freezing of bank accounts, mutual funds, and securities under Section 51 of the Black Money Act, 2015. The appellant was found directly connected to an offshore company with bank accounts, and failed to provide substantive evidence challenging the allegations of undisclosed foreign income. The tribunal rejected the appellant's claims of procedural violations, noting that relevant documents were served and the appellant was facing parallel tax prosecution. The seizure order was maintained, subject to the final outcome of the ongoing criminal proceedings, with a provision that assets could be released if the appellant is ultimately discharged.
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