https://www.taxtmi.com/caselaws?id=372424 The Tribunal found the freezing of the appellant's bank account to be illegal as it lacked concrete evidence of money laundering involvement. It criticized the Adjudicating Authority for not considering the appellant's submissions, leading to a legally flawed order. The Enforcement Directorate's failure to comply with procedural requirements under the Prevention of Money Laundering Act was highlighted. The freezing adversely impacted the appellant's business operations, resulting in the account being classified as a Non-Performing Asset. The Tribunal allowed the appeal, setting aside the attachment order and dismissing the Original Application without costs, leaving the NPA declaration to the bank's discretion. en-us Tue, 18 Dec 2018 00:00:00 +0530 Sat, 22 Dec 2018 07:19:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372424 The Tribunal found the freezing of the appellant's bank account to be illegal as it lacked concrete evidence of money laundering involvement. It criticized the Adjudicating Authority for not considering the appellant's submissions, leading to a legally flawed order. The Enforcement Directorate's failure to comply with procedural requirements under the Prevention of Money Laundering Act was highlighted. The freezing adversely impacted the appellant's business operations, resulting in the account being classified as a Non-Performing Asset. The Tribunal allowed the appeal, setting aside the attachment order and dismissing the Original Application without costs, leaving the NPA declaration to the bank's discretion. Case-Laws Money Laundering Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372424