https://www.taxtmi.com/caselaws?id=771831 The Appellate Tribunal under SAFEMA dismissed the appeal challenging a provisional attachment order under money laundering provisions. The appellant failed to adequately explain the source of Rs. 4.05 crores found during investigation of a recruitment racket involving bribery for dental surgeon positions. Despite claiming funds came from salary and property sale proceeds of Rs. 2.8 crores, the appellant only disclosed the property sale after the attachment order was issued, not during initial statements under Section 50 or police investigation. The tribunal found substantial unexplained cash deposits violating Income Tax Act provisions and rejected justifications for the accumulated wealth, confirming the attachment as proceeds of crime. en-us Thu, 24 Apr 2025 00:00:00 +0530 Sat, 31 May 2025 08:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771831 The Appellate Tribunal under SAFEMA dismissed the appeal challenging a provisional attachment order under money laundering provisions. The appellant failed to adequately explain the source of Rs. 4.05 crores found during investigation of a recruitment racket involving bribery for dental surgeon positions. Despite claiming funds came from salary and property sale proceeds of Rs. 2.8 crores, the appellant only disclosed the property sale after the attachment order was issued, not during initial statements under Section 50 or police investigation. The tribunal found substantial unexplained cash deposits violating Income Tax Act provisions and rejected justifications for the accumulated wealth, confirming the attachment as proceeds of crime. Case-Laws Money Laundering Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771831