Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Attachment of mortgaged property under the PMLA was not invalid merely because a secured creditor held a prior charge. The Tribunal applied a harmonious construction between the PMLA and secured creditor regimes, holding that a prior mortgage does not by itself bar attachment, while the creditor's bona fide security interest is not extinguished and may be pursued in accordance with law, including before the Special Court. It also rejected the challenge that the property could not be attached because it pre-dated the alleged criminal activity, finding on the record that the relevant criminal conduct commenced before the property was acquired. The attachment was therefore sustained.
Attachment of mortgaged property under the PMLA was not invalid merely because a secured creditor held a prior charge. The Tribunal applied a harmonious construction between the PMLA and secured creditor regimes, holding that a prior mortgage does not by itself bar attachment, while the creditor's bona fide security interest is not extinguished and may be pursued in accordance with law, including before the Special Court. It also rejected the challenge that the property could not be attached because it pre-dated the alleged criminal activity, finding on the record that the relevant criminal conduct commenced before the property was acquired. The attachment was therefore sustained.
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