Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Provisional attachment under the PMLA requires recorded reasons to believe, based on material, that the property involved is likely to be concealed, transferred or otherwise dealt with so as to frustrate proceedings. The Tribunal held that the mortgaged properties could not be attached on the material before it, because they were already under the banks' possession or auction process, and there was no allegation or evidence of collusion by the banks. A later claim that the properties themselves were proceeds of crime was rejected as unsupported by the record. The confirmation of attachment was therefore set aside insofar as it concerned the appellant banks.
Provisional attachment under the PMLA requires recorded reasons to believe, based on material, that the property involved is likely to be concealed, transferred or otherwise dealt with so as to frustrate proceedings. The Tribunal held that the mortgaged properties could not be attached on the material before it, because they were already under the banks' possession or auction process, and there was no allegation or evidence of collusion by the banks. A later claim that the properties themselves were proceeds of crime was rejected as unsupported by the record. The confirmation of attachment was therefore set aside insofar as it concerned the appellant banks.
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