https://www.taxtmi.com/caselaws?id=757874 The Appellate Tribunal for SAFEMA at New Delhi set aside the seizure of Rs. 33,00,000/- from the appellant's residential premises. The seizure arose from investigations into DHFL loan misuse and siphoning, where appellant companies were identified as loan beneficiaries. The tribunal found that the seized cash was legitimately withdrawn from personal bank accounts for medical emergencies during COVID-19, supported by bank certificates. The respondent directorate failed to establish any link between the seized amount and proceeds of crime or demonstrate the appellant's nexus with criminal proceeds. The appeal was allowed and the impugned order was set aside. en-us Tue, 13 Aug 2024 00:00:00 +0530 Wed, 04 Sep 2024 08:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757874 The Appellate Tribunal for SAFEMA at New Delhi set aside the seizure of Rs. 33,00,000/- from the appellant's residential premises. The seizure arose from investigations into DHFL loan misuse and siphoning, where appellant companies were identified as loan beneficiaries. The tribunal found that the seized cash was legitimately withdrawn from personal bank accounts for medical emergencies during COVID-19, supported by bank certificates. The respondent directorate failed to establish any link between the seized amount and proceeds of crime or demonstrate the appellant's nexus with criminal proceeds. The appeal was allowed and the impugned order was set aside. Case-Laws Money Laundering Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757874