https://www.taxtmi.com/caselaws?id=312024 Fixed deposits attached in PMLA proceedings were treated as replaceable by an equivalent bank guarantee, where the appellate tribunal found no illegality in the mining lease and the deposits were not declared proceeds of crime. The petitioner furnished a bank guarantee in compliance with the tribunal's order, and the respondent was directed to accept it and release the fixed deposits. The respondent's objection that proceeds of crime could not be converted into a bank guarantee was rejected on the footing that the deposits themselves were not identified as such. en-us Wed, 27 Apr 2022 00:00:00 +0530 Sun, 28 Jan 2024 19:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312024 Fixed deposits attached in PMLA proceedings were treated as replaceable by an equivalent bank guarantee, where the appellate tribunal found no illegality in the mining lease and the deposits were not declared proceeds of crime. The petitioner furnished a bank guarantee in compliance with the tribunal's order, and the respondent was directed to accept it and release the fixed deposits. The respondent's objection that proceeds of crime could not be converted into a bank guarantee was rejected on the footing that the deposits themselves were not identified as such. Case-Laws Money Laundering Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312024