Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
The text explains that the power to freeze property under Section 17(1A) of PMLA may be exercised where investigative material (FIR/ECIR and related records) provides reasons to believe funds are proceeds of crime and the claimant fails to explain source; in such cases freezing is justified. Retention for adjudication under Section 20(4) is supportable where prima facie involvement in money laundering exists and continued retention does not cause prejudice. A pre-existing lien or bank guarantee does not, by itself, prevent seizure or freezing when investigation indicates the property is implicated.
The text explains that the power to freeze property under Section 17(1A) of PMLA may be exercised where investigative material (FIR/ECIR and related records) provides reasons to believe funds are proceeds of crime and the claimant fails to explain source; in such cases freezing is justified. Retention for adjudication under Section 20(4) is supportable where prima facie involvement in money laundering exists and continued retention does not cause prejudice. A pre-existing lien or bank guarantee does not, by itself, prevent seizure or freezing when investigation indicates the property is implicated.
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