Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Attachment under the PMLA prevails over a secured creditor's claim to priority under the SARFAESI Act and the RDB Act, because the PMLA operates for confiscation of proceeds of crime and has an overriding effect. The Tribunal's view that the recovery statutes displaced PMLA attachment was unsustainable, and the release of the attached properties on that basis was set aside. Where attachment has been confirmed and the criminal process has commenced, a claimant with a legitimate interest must pursue release or restoration before the Special Court under section 8(8) of the PMLA. The respondent-Bank was therefore given liberty to seek that remedy, while factual issues on proceeds of crime were left open.
Attachment under the PMLA prevails over a secured creditor's claim to priority under the SARFAESI Act and the RDB Act, because the PMLA operates for confiscation of proceeds of crime and has an overriding effect. The Tribunal's view that the recovery statutes displaced PMLA attachment was unsustainable, and the release of the attached properties on that basis was set aside. Where attachment has been confirmed and the criminal process has commenced, a claimant with a legitimate interest must pursue release or restoration before the Special Court under section 8(8) of the PMLA. The respondent-Bank was therefore given liberty to seek that remedy, while factual issues on proceeds of crime were left open.
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