TaxTMI 
TaxTMI 
2026 (7) TMI 1367
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....chment Order ("PAO") of the properties in the hands of different defendants which include the appellant. Aggrieved with the order of the Adjudicating Authority, the appeal has been preferred by the appellant raising many factual as well as legal issues. Arguments of Ld. Counsel for the appellants: 2. The appellant is the wife of one of the accused, Late Shri Bharat Bhushan Roshanlal Gupta who was looking after M/s Spectra Industries Limited with other partners. The Assistant General Manager, Bank of India lodged an FIR on 07.02.2023 alleging the offence under Section 120B, 420, 406 & 477A of the Indian Penal Code, 1860 and Sections 13(1) & 13(2) of the Prevention of Corruption Act, 1988. It was alleged that Late Shri Bharat Bhushan Ro....
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.... and M/s Blue Sea Commodities. 4. The accused were engaged in raising fake invoices and lorry receipts to claim funds against the LCs.. The lorry receipts and transportation invoices attached with LCs were found to be fraudulent. These fake documents were created by the accused and thereby LCs were misused by M/s Spectra Industries Ltd through its Directors to artificially inflate the company's turnover despite the fact that M/s Spectra Industries Ltd. was not engaged in actual business, yet claim to be involved in manufacturing automobile spare parts and otherwise, the LCs were issued for the trading of fabric, a field area in which M/s Spectra Industries Ltd. had no expertise. The funds were routed back into M/s Spectra Industries Limi....
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....e appellant, further, submitted that though the properties acquired even prior to the commission of crime can be provisionally attached for "value thereof" or "equivalent value" but it is when the proceeds of crime is layered or transferred to the person who has vanished or laundered it and is not found available for provisional attachment. The necessity is to prove that proceeds out of crime was laundered or transferred to the person who has vanished it and therefore not available, thus, to attach any other property of "equivalent value" or "value thereof". In the instant case, the respondent has failed to demonstrate that any part of the alleged proceeds was ever laundered or passed on to Late Shri Bharat Bhushan Roshanlal Gupta or to the....
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.... any other argument but Ld. Counsel restricted his arguments to the grounds narrated above. Arguments of the Ld. Counsel for the respondent: 11. The appeal was contested by the respondent on all the grounds. Elaborate arguments were made to contest the issues raised by the appellant and would be referred while recording finding on each issue raised by the appellant. Findings of the Tribunal: 12. I have considered the rival submission of the parties and perused the records. The appellant has raised many issues touching the facts of the case. It is to demonstrate that the property has been provisionally attached in ignorance of the fact that it had no connection with the commission of crime. It is with the further submissions that....
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....en dealt with. It is with the attribution that the impugned order is largely consists of the pleadings of the parties. To appreciate the argument, I have gone through the order and find that the Adjudicating Authority has passed detailed order, however, finding thereupon does not record reason in relation to each argument raised by the appellant. It is more so when the appellant has specifically stated that there is no money trail to show receipt of the proceeds of crime by her husband, Shri Bharat Bhushan Roshanlal Gupta and therefore how the properties have been connected with the crime. 15. Ld. Counsel for the appellant has raised many arguments which said to have been not considered by the Adjudicating Authority. I find substance in ....