https://www.taxtmi.com/caselaws?id=411969 Where frozen funds contained both amounts directly traceable to the alleged offence and amounts not shown to have such nexus, only the traceable portion could be retained as case property, while the balance could be applied towards lawful tax recovery. The Court held that a blanket rejection of applications under the Code of Criminal Procedure and the Income-tax Act in respect of the court-controlled account was not sustainable. It further held that only the amount corresponding to the identified transfers, together with accrued interest, was linked to the alleged crime; the excess received in India was not shown prima facie to be proceeds of offence and could be transferred to the Income-tax Department. en-us Thu, 02 Sep 2021 00:00:00 +0530 Fri, 24 Dec 2021 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411969 Where frozen funds contained both amounts directly traceable to the alleged offence and amounts not shown to have such nexus, only the traceable portion could be retained as case property, while the balance could be applied towards lawful tax recovery. The Court held that a blanket rejection of applications under the Code of Criminal Procedure and the Income-tax Act in respect of the court-controlled account was not sustainable. It further held that only the amount corresponding to the identified transfers, together with accrued interest, was linked to the alleged crime; the excess received in India was not shown prima facie to be proceeds of offence and could be transferred to the Income-tax Department. Case-Laws Income Tax Thu, 02 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411969