Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Cash can fall within the wide definition of property under the PBPT Act, and where funds are transferred through entities controlled by another person and later routed back, both the transfer and temporary holding may satisfy section 2(9)(A); the routed entities are treated as benamidars and the provider as beneficial owner. Disclosure in an income-tax return or payment of tax does not, by itself, bar PBPT proceedings because the Act operates alongside the Income-tax Act and serves a distinct confiscatory purpose. Where tax has already been paid on the routed amount, the attachable benami property may be reduced to that extent. In a running business, transformed assets such as stock and receivables may remain attachable as converted form of benami property.
Cash can fall within the wide definition of property under the PBPT Act, and where funds are transferred through entities controlled by another person and later routed back, both the transfer and temporary holding may satisfy section 2(9)(A); the routed entities are treated as benamidars and the provider as beneficial owner. Disclosure in an income-tax return or payment of tax does not, by itself, bar PBPT proceedings because the Act operates alongside the Income-tax Act and serves a distinct confiscatory purpose. Where tax has already been paid on the routed amount, the attachable benami property may be reduced to that extent. In a running business, transformed assets such as stock and receivables may remain attachable as converted form of benami property.
Note: It is a system-generated summary and is for quick reference only.
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