Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Provisional attachment of properties was sustained because the respondent traced a money trail and layering of alleged proceeds of crime into properties, and the appellant failed to discharge the statutory burden to disclose source of funds under Section 24. The tribunal accepted that transfers from relatives, described as loans, lacked provenance and were routed through multiple bank accounts to mask cash derived from the offence; repayment of earlier loans and purchase payments were therefore treated as involving proceeds of crime. On that basis the Adjudicating Authority's confirmation of the Provisional Attachment Order was upheld and the appeal dismissed.
Provisional attachment of properties was sustained because the respondent traced a money trail and layering of alleged proceeds of crime into properties, and the appellant failed to discharge the statutory burden to disclose source of funds under Section 24. The tribunal accepted that transfers from relatives, described as loans, lacked provenance and were routed through multiple bank accounts to mask cash derived from the offence; repayment of earlier loans and purchase payments were therefore treated as involving proceeds of crime. On that basis the Adjudicating Authority's confirmation of the Provisional Attachment Order was upheld and the appeal dismissed.
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