https://www.taxtmi.com/caselaws?id=756958 The Appellate Tribunal under SAFEMA dismissed an appeal challenging the Adjudicating Authority's order confirming attachment of properties as proceeds of crime. The appellant argued the attached properties were not proceeds of crime and therefore could not be attached. The Tribunal held that the Adjudicating Authority properly considered the appellant's role and correctly found some properties were of equivalent value to crime proceeds. Citing Prakash Industries, the Tribunal noted that under the definition's second limb, equivalent value property can be attached when actual proceeds are unavailable. The appellant failed to disclose property acquisition sources, making only vague statements without detailed descriptions. Given the appellant's declared income of only 4-5 lakhs in tax returns, the Tribunal found the Adjudicating Authority had meticulously considered all aspects and dismissed the appeal. en-us Wed, 24 Jul 2024 00:00:00 +0530 Mon, 12 Aug 2024 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756958 The Appellate Tribunal under SAFEMA dismissed an appeal challenging the Adjudicating Authority's order confirming attachment of properties as proceeds of crime. The appellant argued the attached properties were not proceeds of crime and therefore could not be attached. The Tribunal held that the Adjudicating Authority properly considered the appellant's role and correctly found some properties were of equivalent value to crime proceeds. Citing Prakash Industries, the Tribunal noted that under the definition's second limb, equivalent value property can be attached when actual proceeds are unavailable. The appellant failed to disclose property acquisition sources, making only vague statements without detailed descriptions. Given the appellant's declared income of only 4-5 lakhs in tax returns, the Tribunal found the Adjudicating Authority had meticulously considered all aspects and dismissed the appeal. Case-Laws Money Laundering Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756958