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 held that discharge in predicate offence does not automatically invalidate PMLA proceedings. The money laundering offence under PMLA is distinct from the scheduled offence generating proceeds of crime. Summons issued under Section 50 PMLA remain valid and cannot be quashed solely on grounds of discharge in underlying criminal case. The Enforcement Directorate retains authority to pursue investigations and enforcement actions independently, provided proceeds of crime and laundering activities can be substantiated. The petition challenging PMLA summons was consequently dismissed for lack of merit, affirming the procedural autonomy of money laundering investigations.
HC held that discharge in predicate offence does not automatically invalidate PMLA proceedings. The money laundering offence under PMLA is distinct from the scheduled offence generating proceeds of crime. Summons issued under Section 50 PMLA remain valid and cannot be quashed solely on grounds of discharge in underlying criminal case. The Enforcement Directorate retains authority to pursue investigations and enforcement actions independently, provided proceeds of crime and laundering activities can be substantiated. The petition challenging PMLA summons was consequently dismissed for lack of merit, affirming the procedural autonomy of money laundering investigations.
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