Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
The AT dismissed all appeals challenging the provisional attachment orders under the Prevention of Money Laundering Act. The appellants failed to satisfactorily disclose legitimate sources for the funds used to acquire properties or repay loans, with statements under Section 50(2) of the Act corroborating the involvement of proceeds of crime. The tribunal found that the properties and transactions were part of layering operations orchestrated by the main accused to conceal illicit funds. Despite claims of gifts and income, appellants could not provide adequate documentary evidence or credible explanations to rebut the attachment. The respondent's actions in attaching properties and bank accounts linked to the accused and their relatives were held to be justified. No interference was warranted with the provisional attachment orders, as the material on record supported the conclusion that the assets were proceeds of crime.
The AT dismissed all appeals challenging the provisional attachment orders under the Prevention of Money Laundering Act. The appellants failed to satisfactorily disclose legitimate sources for the funds used to acquire properties or repay loans, with statements under Section 50(2) of the Act corroborating the involvement of proceeds of crime. The tribunal found that the properties and transactions were part of layering operations orchestrated by the main accused to conceal illicit funds. Despite claims of gifts and income, appellants could not provide adequate documentary evidence or credible explanations to rebut the attachment. The respondent's actions in attaching properties and bank accounts linked to the accused and their relatives were held to be justified. No interference was warranted with the provisional attachment orders, as the material on record supported the conclusion that the assets were proceeds of crime.
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