Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
The Tribunal upheld provisional attachment under the PMLA, finding sufficient material to form a reason to believe that loan funds were misappropriated and converted into proceeds of crime; attempts to dissipate assets and multiple FIRs/charge sheets supported provisional measures. It held the appellant company was part of the same group as M/s Biotor Industries Ltd., with de facto control by former directors, so corporate formalities could not shield it from liability. Where proceeds were siphoned and could not be traced, the Tribunal applied the second limb of "proceeds of crime" to permit attachment of property of equivalent value; appeal dismissed.
The Tribunal upheld provisional attachment under the PMLA, finding sufficient material to form a reason to believe that loan funds were misappropriated and converted into proceeds of crime; attempts to dissipate assets and multiple FIRs/charge sheets supported provisional measures. It held the appellant company was part of the same group as M/s Biotor Industries Ltd., with de facto control by former directors, so corporate formalities could not shield it from liability. Where proceeds were siphoned and could not be traced, the Tribunal applied the second limb of "proceeds of crime" to permit attachment of property of equivalent value; appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
