https://www.taxtmi.com/caselaws?id=380735 The Tribunal set aside the order confirming the Provisional Attachment Order (PAO) on the appellant's property, ruling that the attachment was invalid as the property was not acquired from proceeds of crime. The appellant, a bona fide third party, was allowed to continue recovery proceedings under the SARFAESI Act and sell the property to recover dues. The Tribunal found the "reason to believe" for the PAO inadequate and emphasized that the Prevention of Money Laundering Act did not apply to the appellant's legitimate transactions. The appeal was allowed, and the PAO was quashed with no costs imposed. en-us Tue, 21 May 2019 00:00:00 +0530 Tue, 28 May 2019 07:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380735 The Tribunal set aside the order confirming the Provisional Attachment Order (PAO) on the appellant's property, ruling that the attachment was invalid as the property was not acquired from proceeds of crime. The appellant, a bona fide third party, was allowed to continue recovery proceedings under the SARFAESI Act and sell the property to recover dues. The Tribunal found the "reason to believe" for the PAO inadequate and emphasized that the Prevention of Money Laundering Act did not apply to the appellant's legitimate transactions. The appeal was allowed, and the PAO was quashed with no costs imposed. Case-Laws Money Laundering Tue, 21 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380735