Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Provisional attachment under s.5(1) PMLA was challenged as invalid for want of recorded apprehension that the property was likely to be concealed, transferred, or dealt with to frustrate confiscation. It was held that "reasons to believe" may be formed on the likelihood of alienation, and the competent authority had recorded a conclusion that non-attachment would likely frustrate proceedings, satisfying s.5(1). The attachment was also assailed on valuation, contending mismatch between proceeds of crime and property value and seeking independent valuation. It was held that no statutory provision permits an independent valuation at the instance of the noticee, and the property value adopted was lower than the proceeds of crime; the challenge failed and the appeal was dismissed. - AT
Provisional attachment under s.5(1) PMLA was challenged as invalid for want of recorded apprehension that the property was likely to be concealed, transferred, or dealt with to frustrate confiscation. It was held that "reasons to believe" may be formed on the likelihood of alienation, and the competent authority had recorded a conclusion that non-attachment would likely frustrate proceedings, satisfying s.5(1). The attachment was also assailed on valuation, contending mismatch between proceeds of crime and property value and seeking independent valuation. It was held that no statutory provision permits an independent valuation at the instance of the noticee, and the property value adopted was lower than the proceeds of crime; the challenge failed and the appeal was dismissed. - AT
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