Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
Properties representing "proceeds of crime" can be provisionally attached even when held by persons not named as accused in the FIR or charge-sheet, since PMLA aims to trace and secure proceeds in whosoever's possession; accordingly, the challenge on this ground was rejected. Properties acquired prior to the scheduled offence period are also attachable as "value thereof" under the second limb of the definition of "proceeds of crime"; hence, attachment of equivalent-value assets was upheld. Release was declined because PMLA does not require a direct nexus where attachment is based on indirect acquisition or "value thereof." Mortgaged assets were held attachable to prevent alienation; secured creditors may seek auction through the Special Judge with safeguards for surplus deposit. Appeal dismissed. - AT
Properties representing "proceeds of crime" can be provisionally attached even when held by persons not named as accused in the FIR or charge-sheet, since PMLA aims to trace and secure proceeds in whosoever's possession; accordingly, the challenge on this ground was rejected. Properties acquired prior to the scheduled offence period are also attachable as "value thereof" under the second limb of the definition of "proceeds of crime"; hence, attachment of equivalent-value assets was upheld. Release was declined because PMLA does not require a direct nexus where attachment is based on indirect acquisition or "value thereof." Mortgaged assets were held attachable to prevent alienation; secured creditors may seek auction through the Special Judge with safeguards for surplus deposit. Appeal dismissed. - AT
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