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 dismissed the criminal miscellaneous petition challenging property attachment under PMLA. The court held that the petitioner lacks legal standing as a 'claimant' since the trade loss suffered does not constitute a quantifiable loss under Section 8 of PMLA. The Bulgarian court order cannot be executed in India due to absence of reciprocal treaty. The petitioner failed to demonstrate legitimate interest in the attached properties, and consequently, the restoration claim was rejected, upholding the Special Court's original order.
HC dismissed the criminal miscellaneous petition challenging property attachment under PMLA. The court held that the petitioner lacks legal standing as a 'claimant' since the trade loss suffered does not constitute a quantifiable loss under Section 8 of PMLA. The Bulgarian court order cannot be executed in India due to absence of reciprocal treaty. The petitioner failed to demonstrate legitimate interest in the attached properties, and consequently, the restoration claim was rejected, upholding the Special Court's original order.
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TaxTMI 
TaxTMI 
of 4916 
