https://www.taxtmi.com/caselaws?id=458083 The Appellate Tribunal SAFEMA, New Delhi dismissed an appeal challenging property attachment under money laundering provisions. The Tribunal held that property value should be assessed at fair market value on the date of acquisition, not current market price at attachment date, interpreting sections 2(1)(u) and 2(1)(zb) together. The appellant's request for cross-examination of valuation officers was denied as no grounds were established, noting cross-examination cannot be sought arbitrarily despite being part of natural justice principles. The Tribunal upheld the Adjudicating Authority's interim order while emphasizing proceedings must be completed within the statutory 180-day timeframe. en-us Mon, 08 May 2023 00:00:00 +0530 Tue, 08 Oct 2024 07:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458083 The Appellate Tribunal SAFEMA, New Delhi dismissed an appeal challenging property attachment under money laundering provisions. The Tribunal held that property value should be assessed at fair market value on the date of acquisition, not current market price at attachment date, interpreting sections 2(1)(u) and 2(1)(zb) together. The appellant's request for cross-examination of valuation officers was denied as no grounds were established, noting cross-examination cannot be sought arbitrarily despite being part of natural justice principles. The Tribunal upheld the Adjudicating Authority's interim order while emphasizing proceedings must be completed within the statutory 180-day timeframe. Case-Laws Money Laundering Mon, 08 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458083