Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
The text addresses provisional attachment of alleged proceeds of crime: sale proceeds from shares purchased by the appellant and later sold to a bona fide third party do not constitute proceeds of crime in the appellant's hands because the purchase was an outgo and consideration paid was not shown to be derived from criminal activity; returns to the innocent purchaser are bona fide. Profits from limestone extraction were treated as the 'value' of proceeds of crime on the material before the authority, but quantification was reduced after deducting verifiable extraction costs. The recorded investigative grounds met the 'reason to believe' threshold for Section 5 attachment. The tribunal cannot order statutory substitution of attached property, though the enforcement agency may accept alternate security.
The text addresses provisional attachment of alleged proceeds of crime: sale proceeds from shares purchased by the appellant and later sold to a bona fide third party do not constitute proceeds of crime in the appellant's hands because the purchase was an outgo and consideration paid was not shown to be derived from criminal activity; returns to the innocent purchaser are bona fide. Profits from limestone extraction were treated as the 'value' of proceeds of crime on the material before the authority, but quantification was reduced after deducting verifiable extraction costs. The recorded investigative grounds met the 'reason to believe' threshold for Section 5 attachment. The tribunal cannot order statutory substitution of attached property, though the enforcement agency may accept alternate security.
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