Penalty under section 271(1)(c) deleted where income was disclosed in section 153A returns and remaining additions were only estimated or computationa...
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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