https://www.taxtmi.com/caselaws?id=759787 The Appellate Tribunal SAFEMA, New Delhi dismissed the appeal challenging provisional attachment of immovable properties under Section 5(1) of the 2002 Act. The appellant disclosed income of Rs. 5,74,880 over five assessment years but invested over Rs. 20,87,700 in properties without providing documentary evidence of legitimate sources or loans. The appellant's wife, also an appellant, claimed to be a housewife who took loans but failed to produce supporting documents. The Tribunal held that the risk of property transfer upon FIR/ECIR registration justified attachment, noting the impossibility of proving preparation for transfer and the appellant's failure to undertake non-alienation. en-us Tue, 03 Sep 2024 00:00:00 +0530 Wed, 09 Oct 2024 08:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759787 The Appellate Tribunal SAFEMA, New Delhi dismissed the appeal challenging provisional attachment of immovable properties under Section 5(1) of the 2002 Act. The appellant disclosed income of Rs. 5,74,880 over five assessment years but invested over Rs. 20,87,700 in properties without providing documentary evidence of legitimate sources or loans. The appellant's wife, also an appellant, claimed to be a housewife who took loans but failed to produce supporting documents. The Tribunal held that the risk of property transfer upon FIR/ECIR registration justified attachment, noting the impossibility of proving preparation for transfer and the appellant's failure to undertake non-alienation. Case-Laws Money Laundering Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759787