MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
The HC held that the provisional attachment order under Section 5(1)(b) of the PMLA, issued on 10 Nov 2021, cannot operate beyond 180 days; even after excluding COVID-period suspensions, the 180-day limit has elapsed. A stay obtained by a different party over certain properties does not extend the statutory 180-day period as to the petitioner's claimed properties. Consequently, the provisional attachment will no longer operate qua the properties in which the petitioner claimed interest, and those attachments are declared vacated/raised. The HC further noted that the ED has not completed proceedings under Section 8(3) of the PMLA to finalize attachment. Application disposed.
The HC held that the provisional attachment order under Section 5(1)(b) of the PMLA, issued on 10 Nov 2021, cannot operate beyond 180 days; even after excluding COVID-period suspensions, the 180-day limit has elapsed. A stay obtained by a different party over certain properties does not extend the statutory 180-day period as to the petitioner's claimed properties. Consequently, the provisional attachment will no longer operate qua the properties in which the petitioner claimed interest, and those attachments are declared vacated/raised. The HC further noted that the ED has not completed proceedings under Section 8(3) of the PMLA to finalize attachment. Application disposed.
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