Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
The AT dismissed the appeal, holding that attachment under the PMLA of property already subject to a pre-existing mortgage in favour of the appellant bank does not invalidate the attachment and that secured creditors retain priority interest but such priority does not preclude attachment by the respondent directorate; the appellant, a scheduled commercial bank not implicated in the scheduled offence, failed to establish merit for setting aside the attachment. The AT nonetheless recognized the appellant's alternative remedy and clarified that the appellant is entitled to pursue interlocutory or substantive relief under Section 8(7) or 8(8) before the Sp. Ct. during pendency of prosecution, and this order does not bar such recourse.
The AT dismissed the appeal, holding that attachment under the PMLA of property already subject to a pre-existing mortgage in favour of the appellant bank does not invalidate the attachment and that secured creditors retain priority interest but such priority does not preclude attachment by the respondent directorate; the appellant, a scheduled commercial bank not implicated in the scheduled offence, failed to establish merit for setting aside the attachment. The AT nonetheless recognized the appellant's alternative remedy and clarified that the appellant is entitled to pursue interlocutory or substantive relief under Section 8(7) or 8(8) before the Sp. Ct. during pendency of prosecution, and this order does not bar such recourse.
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