Transfer pricing adjustments for software services, corporate guarantees, expense characterisation and foreign tax credit affirmed under arm's length ...
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HC, exercising revisional jurisdiction, upheld the orders refusing discharge of the petitioner in prosecutions under PMLA arising out of illegal mining, a scheduled offence. Interpreting Section 2(1)(u) PMLA, the Court held that "proceeds of crime" covers property derived directly or indirectly from criminal activity relatable to the scheduled offence. Applying the settled standard that, at the discharge stage, the court only examines whether there is ground for presuming commission of an offence and cannot conduct a mini-trial or rely on the defence case, HC found sufficient prima facie material from seized cash, banking trails and Section 50 statements. Both criminal revision petitions were dismissed, permitting framing of charges.
HC, exercising revisional jurisdiction, upheld the orders refusing discharge of the petitioner in prosecutions under PMLA arising out of illegal mining, a scheduled offence. Interpreting Section 2(1)(u) PMLA, the Court held that "proceeds of crime" covers property derived directly or indirectly from criminal activity relatable to the scheduled offence. Applying the settled standard that, at the discharge stage, the court only examines whether there is ground for presuming commission of an offence and cannot conduct a mini-trial or rely on the defence case, HC found sufficient prima facie material from seized cash, banking trails and Section 50 statements. Both criminal revision petitions were dismissed, permitting framing of charges.
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