Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
The HC, applying the binding three-Judge precedent, held that prosecution under Section 3 of the 2002 Act is contingent on the existence of a registered or pending scheduled-offence; a final discharge or quashing of the predicate offence precludes maintainability of a money-laundering prosecution. The Petitioners, having been finally discharged by the trial court from the predicate offence by order dated 31 July 2021, cannot be prosecuted under the 2002 Act in respect of the same property. Consequently, the ECIR and the ensuing charge-sheet filed against the Petitioners by the respondent are quashed and set aside. The petition is allowed and proceedings under the 2002 Act against the Petitioners are dismissed.
The HC, applying the binding three-Judge precedent, held that prosecution under Section 3 of the 2002 Act is contingent on the existence of a registered or pending scheduled-offence; a final discharge or quashing of the predicate offence precludes maintainability of a money-laundering prosecution. The Petitioners, having been finally discharged by the trial court from the predicate offence by order dated 31 July 2021, cannot be prosecuted under the 2002 Act in respect of the same property. Consequently, the ECIR and the ensuing charge-sheet filed against the Petitioners by the respondent are quashed and set aside. The petition is allowed and proceedings under the 2002 Act against the Petitioners are dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
