Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
HC held that the bail applicant failed to meet the mandatory twin conditions under the PMLA. The Court found prima facie material showing scheduled offences, recoveries, and financial transactions through accounts of the petitioner, family members and the Trust that suggested routing and layering of proceeds of crime. It also accepted that statements recorded under Section 50 of the PMLA are admissible and relied on them along with the prosecution complaint to conclude that reasonable grounds were not shown for believing the petitioner was not guilty or would not reoffend on bail. Bail was therefore refused.
HC held that the bail applicant failed to meet the mandatory twin conditions under the PMLA. The Court found prima facie material showing scheduled offences, recoveries, and financial transactions through accounts of the petitioner, family members and the Trust that suggested routing and layering of proceeds of crime. It also accepted that statements recorded under Section 50 of the PMLA are admissible and relied on them along with the prosecution complaint to conclude that reasonable grounds were not shown for believing the petitioner was not guilty or would not reoffend on bail. Bail was therefore refused.
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