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 under the second proviso to section 5(1) is upheld where the officer records specific reasons to believe non-attachment would frustrate proceedings; the commentary rejects the appellant's excessive-attachment claim, noting FIR allegations are investigatory starting points and quantum of proceeds requires separate ED inquiry. The reverse burden under section 8(1) obliges the person served to substantiate lawful sources for attached property; failure to produce documentary evidence permits treating the asset as proceeds of crime. Income tax filings declaring tainted receipts do not negate PMLA liability. The article concludes the respondent established a money trail and the attachment and proposed confiscation stand undisplaced.
Provisional attachment under the second proviso to section 5(1) is upheld where the officer records specific reasons to believe non-attachment would frustrate proceedings; the commentary rejects the appellant's excessive-attachment claim, noting FIR allegations are investigatory starting points and quantum of proceeds requires separate ED inquiry. The reverse burden under section 8(1) obliges the person served to substantiate lawful sources for attached property; failure to produce documentary evidence permits treating the asset as proceeds of crime. Income tax filings declaring tainted receipts do not negate PMLA liability. The article concludes the respondent established a money trail and the attachment and proposed confiscation stand undisplaced.
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