TaxTMI 
TaxTMI 
TaxTMI 
2025 (9) TMI 67
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....t of 2002. It was submitted that the impugned order was passed on 09.11.2021. It was to continue during the period of investigation not exceeding 365 days or the pendency of the proceedings relating to an offence under the Act of 2002 before a Court or under the corresponding law of any other country. In the instant case, the respondent failed to complete the investigation within a period given under Section 8(3)(a) of the Act of 2002 and even no proceeding is pending before a Court for an offence under the Act of 2002. In the light of the aforesaid, the PAO so as to the order passed by the Adjudicating Authority should lapse because it cannot continue offending the provisions of Section 8(3)(a) of the Act of 2002. 3. Ld. Counsel for the respondent was given opportunity to verify the aforesaid facts. On the instructions, it was submitted that Prosecution Complaint ('PC') has been filed. If any Prosecution Complaint is filed with completion of the investigation within 365 days, it would result in pendency of the proceeding of the offence under the Act of 2002 before the Court. In the instant case, Prosecution Complaint has been filed by the respondent but much beyond the period o....
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.... the strength of the arguments raised by the appellants. 6. Ld. Counsel for the parties did not raise any other issue for our consideration and accordingly we have given our thoughtful consideration to analyze the issue. Findings of the Tribunal: 7. The appeals have been preferred to challenge the order passed by the Adjudicating Authority to confirm the Provisional Attachment Order. The Prosecution Complaint in this case has already been filed, though, if it is taken from the date of the impugned order dated 09.11.2021 then much subsequent to the period of 365 days. The respondent have given justification of non-filing of the Prosecution Complaint and accordingly referred to the order of the Apex Court dated 24.02.2022 in Special Leave to Appeal No. 1540 / 2022. The order of the Apex Court in Special Leave to Appeal (Criminal) 1540 / 2022 reads as under:- "Learned Counsel for the respondent is granted two week's time to file the counter affidavit. The petitioners shall have one week thereafter to file the rejoinder affidavit. List immediately after three weeks. In view of the statement made by Mr. Aman Lekhi, learned ASG appearing for the respondent that meanwhil....
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....sixty-five days] or] the pendency of the proceedings relating to any [offence under this Act before a court or under the corresponding law of any other country, before the competent court of criminal jurisdiction outside India, as the case may be; and] xx xx xx xx xx xx xx xx xx xx xx [Explanation.-For the purposes of computing the period of three hundred and sixty-five days under clause (a), the period during which the investigation is stayed by any court under any law for the time being in force shall be excluded.] 9. Ld. Counsel for the respondent submitted that Section 8(3)(a) of the Act of 2002 has two limbs. First part mandates investigation within a period of 365 days of the order but other part gives continuity to the PAO during the pendency of the proceedings relating to the offence under the Act of 2002 before a Court and according to him, with sending the copy of the ECIR to the Special Court or filing of the bail application amounts to pendency of the proceedings before the Court. We are unable to accept the aforesaid proposition. The amended provision of Section 8(3)(a) of the Act of 2002 was brought by the Legislature with the object that in case ....
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.... may, upon a complaint made by an authority authorised in this behalf under this Act take 3[cognizance of offence under section 3, without the accused being committed to it for trial]; [Provided that after conclusion of investigation, if no offence of money-laundering is made out requiring filing of such complaint, the said authority shall submit a closure report before the Special Court; or] 5[(c) if the court which has taken cognizance of the scheduled offence is other than the Special Court which has taken cognizance of the complaint of the offence of money-laundering under sub- clause (b), it shall, on an application by the authority authorised to file a complaint under this Act, commit the case relating to the scheduled offence to the Special Court and the Special Court shall, on receipt of such case proceed to deal with it from the stage at which it is committed. (d) a Special Court while trying the scheduled offence or the offence of money-laundering shall hold trial in accordance with the provisions of the Code of Criminal Procedure, 1973 ( 2 of 1974) as it applies to a trial before a Court of Session.] [Explanation.-For the removal of do....