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...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
The text analyses provisional attachments under the PMLA,...
Proceeds of crime and property equivalent in value: failure to explain lawful source sustains attachment; lack of required notice can vitiate confirmation.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
The text analyses provisional attachments under the PMLA, focusing on attachment of properties as proceeds of crime or property equivalent in value and the burden on alleged third parties to explain lawful source of funds; where explanations and documentary corroboration are absent, attachments were sustained. It identifies instances where non-service of the notice required by the second proviso to Section 8(1) vitiated confirmation of attachment and led to allowance of an appeal. It clarifies that acquittal in the predicate offence does not automatically release attached property if money laundering proceedings continue, and stresses inadequate explanations for cash purchases and third party parking arrangements.
The text analyses provisional attachments under the PMLA, focusing on attachment of properties as proceeds of crime or property equivalent in value and the burden on alleged third parties to explain lawful source of funds; where explanations and documentary corroboration are absent, attachments were sustained. It identifies instances where non-service of the notice required by the second proviso to Section 8(1) vitiated confirmation of attachment and led to allowance of an appeal. It clarifies that acquittal in the predicate offence does not automatically release attached property if money laundering proceedings continue, and stresses inadequate explanations for cash purchases and third party parking arrangements.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
