https://www.taxtmi.com/caselaws?id=762710 The Appellate Tribunal under SAFEMA upheld property attachment orders under PMLA 2002 against an accused with 26 criminal cases. Despite acquittals in majority cases, ECIR and cognizance remained valid. The accused failed to disclose legitimate sources for property acquisition, showing irregular cash deposits not matching any business profile. Though income was declared in ITR, detailed scrutiny revealed cash deposits without proper source disclosure, routing through multiple persons including benami transactions. The Tribunal found the undisclosed cash deposits constituted proceeds of crime, as no business transaction documents were produced for relevant years. Appeal dismissed. en-us Tue, 26 Nov 2024 00:00:00 +0530 Fri, 06 Dec 2024 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762710 The Appellate Tribunal under SAFEMA upheld property attachment orders under PMLA 2002 against an accused with 26 criminal cases. Despite acquittals in majority cases, ECIR and cognizance remained valid. The accused failed to disclose legitimate sources for property acquisition, showing irregular cash deposits not matching any business profile. Though income was declared in ITR, detailed scrutiny revealed cash deposits without proper source disclosure, routing through multiple persons including benami transactions. The Tribunal found the undisclosed cash deposits constituted proceeds of crime, as no business transaction documents were produced for relevant years. Appeal dismissed. Case-Laws Money Laundering Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762710