Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The HC quashed the impugned freezing orders dated 05.09.2018 as legally unsustainable and dismissed the appeal, upholding the Appellate Tribunal's conclusion. The court found the authorised officer's Section 17(1A) orders to be cryptic and based on mere suspicion, lacking the requisite recorded "reason to believe" and failing compliance with Sub-secs. (1) and (1A) of Section 17 and Rules 3-4 (Search/Seizure or Freezing) of the PMLA Rules, 2005. The HC held that freezing, being an alternative to seizure, cannot be effected on a lesser standard than a reason to believe, and noted that the Section 17(4) application improperly relied on the FIR/investigation, rendering the orders void ab initio.
The HC quashed the impugned freezing orders dated 05.09.2018 as legally unsustainable and dismissed the appeal, upholding the Appellate Tribunal's conclusion. The court found the authorised officer's Section 17(1A) orders to be cryptic and based on mere suspicion, lacking the requisite recorded "reason to believe" and failing compliance with Sub-secs. (1) and (1A) of Section 17 and Rules 3-4 (Search/Seizure or Freezing) of the PMLA Rules, 2005. The HC held that freezing, being an alternative to seizure, cannot be effected on a lesser standard than a reason to believe, and noted that the Section 17(4) application improperly relied on the FIR/investigation, rendering the orders void ab initio.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4872 
