Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
The Tribunal held that a school building constructed on leased land was liable to attachment because the material showed that an unlawful organisation had donated the funds used by the educational trust, and a substantial part of those tainted funds went into construction. The asset therefore bore the character of proceeds of crime. The trust not being declared unlawful, and the appellant not being an accused in the scheduled offence, did not prevent attachment when the property was created from tainted funds. The lease termination soon after provisional attachment was also treated as indicative of complicity. The attachment was sustained and the appeal was dismissed.
The Tribunal held that a school building constructed on leased land was liable to attachment because the material showed that an unlawful organisation had donated the funds used by the educational trust, and a substantial part of those tainted funds went into construction. The asset therefore bore the character of proceeds of crime. The trust not being declared unlawful, and the appellant not being an accused in the scheduled offence, did not prevent attachment when the property was created from tainted funds. The lease termination soon after provisional attachment was also treated as indicative of complicity. The attachment was sustained and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
