Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Aditya Birla Finance Ltd. Versus The Deputy Director Directorate of Enforcement, Kolkata

2017 (11) TMI 838 - ATPMLA

Provisional attachment - Recovery of loan amount against the three-mortgaged properties - Appellant undertakes that after recovering the EMI due, from the attached Escrow accounts, the Appellant shall release the necessary amounts due, towards the ‘amenities charges’ to its borrowers - Held that:- As submitted that the appellants in the said appeals are not able to deposit service tax for the period April-September, 2016-17 for which it has received a notice from the office of Assistant Commissi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

per month are given in the application. - As the appellant in the present appeal has agreed to release the said amount due and undertake to pay the borrowers on regular basis once the past rent is released as deposited by the tenant. - The impugned Order records that although the interest of the appellant herein needs to be protected, but in the larger national interest, the properties are being attached. Even otherwise if the Special Court trying the offences under Section 3 comes to th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

had directed the tenant to deposit the rent in the new designated accounts of the Appellant in terms of para 17 of the Order. - This Tribunal in its order dated 27.07.2017 had recorded the Appellant’s undertaking to the extent that, in the event Appellant loses the present appeal then the Appellant shall pay back/restitute all the withdrawn amounts to the concerned authority. The Appellant seeks to clarify that the Appellant shall be liable only to restitute the amounts withdrawn towards re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

instalments that were legitimately owed to the appellant by the borrowers for the loans advanced to them. The past amount deposited by the tenants be released to the appellant forthwith. - The prayer present appeal as well as stay applications are allowed. The impugned order against the present appellant is modified. The appellant is granted the liberty to move application in the appeals filed by the borrowers appeals in case the appellant is not to recover the loan amount against the three .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

PMLA-1756/KOL/2017 1. The present appeal has been filed by Aditya Birla Finance Ltd. against the Impugned Order dated 21.03.2017 passed by the Adjudicating Authority in O.C. No. 651/2016 filed on 25.10.2016 confirming the Provisional Attachment Order dated 29.06.2016 passed by Enforcement Directorate, Kolkata in File No. ECIR/KLZO/05/2014. 2. Complaints were received from UCO Bank, Kolkata, pursuant to which C.B.I filed three F.I.R.s alleging that Tayal Group of Companies has defrauded UCO Bank, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Respondent has sought to explain the entire matrix of transactions by identifying the borrowers of such loan amounts, the entities through which such alleged funneling and siphoning off the funds took place. The names of the appellant or its borrower/co- borrowers or the tenant, M/s Multi Media Pvt. Ltd. do not feature in this route of siphoning off and funneling of funds. 4. Admittedly on 28.10.2014, the appellant sanctioned three separate loans, totaling to ₹ 46 Crores to three Companie .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

present attachment-by which the appellant herein is aggrieved] which are mortgaged to the appellant have been acquired the rights of the loan by Defendants No. 4, 5 and 6 in the year 2005, i.e. much prior to the sanctioning and disbursement of the Term Loan by UCO, Bank to the alleged accused persons against whom the 3 F.I.Rs in question have been lodged by C.B.I upon the Complaints of UCO Bank. 6. The date and time of the suspected offence, even as per the Complaint s version recorded by C.B.I. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nterface, Link Road, Malad (W), Tal-Borivali, Mumbai-owned by M/s Rosette Leasing and Infotech Pvt. Ld. and mortgaged to the Appellant. c) Unit No. 401, 4th Floor, Building No. 7, Interface, Link Road, Malad (W), Tal-Borivali, Mumbai-owned by M/s Upright Leasing and Infotech Pvt. Ld. and mortgaged to the Appellant. d) Escrow Accounts, being Accounts No. 200999779905 and 200999779912, Induslnd Bank, Lower Parel Branch, Mumbai out of which rents were being received by the appellant. 8. By Show Cau .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e confirmed. 10. All three immovable properties have been acquired or purchased in the year 2005 (much prior to the sanctioning and disbursement of loans by UCO Bank which are the offending transactions). 11. The above properties were purchased in 2005 by the three companies by taking a loan from DHFCL. Later in 2014, this loan was assigned to the appellant as alleged by the counsel for the appellant. 12. Three separate tripartite Escrow Agreements dated 31.10.2014 were executed between the appe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y borrower and co-borrower b) Execution of loan agreement by borrower and co-borrower c) Demand promissory note alongwith letter of continuity by borrower and co-borrower d) Board resolution by borrower and co-borrower e) 7 UDCs of not more than 3 Crores in favour of Aditya Birla Finance Ltd. alongwith an undertaking letter f) Recent net worth statement documentary proof for the borrower, authorized signatories and guarantors h) Original signature verification of the authorized signatories from .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

la approved Lawyer d) Irrevocable POA e) Confirmation of list of documents from existing lender f) Authority letter for collecting original documents g) Specific power of attorney for balance transfer h) Original property papers as per legal opinion report i) Registered deed of mortgage j) Registration of charge with ROC k) Addition of security interest with CERSAI within 7 from security perfection 15. It is alleged by the appellant that it for all the three loan agreements, followed the guideli .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

escrow accounts neither comes from any accused in the FIRs, nor from the owners of the properties. Rather, all the three properties are leased to M/s MSM Pvt. Ltd. which is depositing rent directly in the escrow accounts and is being appropriated by appellant towards the three loans. 18. Admittedly, neither the appellant nor the tenant - M/s MSM Pvt. Ltd. are accused in the FIR/ECIR, nor is it the case of the respondent that the rents being received in these three escrow accounts are proceeds of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the Escrow Accounts, being Escrow Accounts No. 200999779905 and 200999779912, Induslnd Bank, Lower Parel Branch, Mumbai and withdraw the amounts lying in the Escrow Account, which comprises only of the instalments that were legitimately owed to the Appellant by the borrowers for the loans advanced to them. 20. Vide para 17 of the Order dated 27.07.2017, this Tribunal had granted the following reliefs to the Appellant: (a) M/s Multi Screen Media Pvt. Ltd. To deposit the rent for the two immoveabl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and Infotech Pvt. Ltd. Presently deposited in Escrow A/c No. 200999779912 with Induslnd Bank can in future be deposited with Account No. 02321300001236 with DCB Bank Limited, Nariman Point Branch, Mumbai. The Appellant seeking relief that the Appellant be allowed to withdraw the sum lying in the attached Escrow Accounts [Escrow Accounts No. 200999779905 and 200999779912, Induslnd Bank, Lower Parel Branch, Mumbai] and the future rent and the amenities charges also be allowed to be deposited by th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s. Mr. Rajiv Nayar, learned Sr. Counsel has argued that till the disposal of remaining three appeals, the amount lying in the earlier escrow account be transferred to the appellant which in the nature of rent deposited by the tenants for the same attached property which are mortgaged with the appellant. 23. Mr. Nayar, learned Sr. Counsel says that the appellant are only concerned with the amount due and once the amount is recovered, the appellant would have no concerned with the attached propert .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

pany, who cannot be debarred to recover its money if the properties are mortgaged w.e.f. 2005 which is prior to date of alleged offence and FIRs are registered against Tayal Group of Companies. 24. Rule 8 of The Prevention of Money Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013 reads as: Where the confirmed attached property is hypothecated or mortgaged or pledged to any bank, financial institution, etc., the authorised officer .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ppellant. 26. The case of the Appellant is closely similar to the case decided by this Tribunal on dated 14.07.2017 in State Bank of India and Ors. Vs. The Joint Director, Directorate of Enforcement, Kolkata. In Paragraphs 46 and 51 of the Judgment, this Tribunal found that the attached property was purchased much prior to the period when the facility of offending loans were sanctioned to the borrowers. Further, the Bank was not involved in the schedule offence. It was further observed that the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

6. In the present case, it is undisputed facts that the attached property were purchased much prior to the period when the facility of loan sanctioned to the borrowers. The banks while rendering the facilities were boanfide parties. It is not the case of the respondent that the attached properties were purchased after the loan was obtained. The mortgaged of the properties were done as bonafide purposes. None of the bank is involved in the schedule offence. No PMLA proceedings are pending except .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the dispute, we are of the considered opinion that the conduct of the banks are always bonafide. Both banks are innocent parties. They were legally entitled to inform the Adjudicating Authority about their innocence and they rightly did so but their contention was rejected as appeared from the impugned order. 48. This Tribunal in the case of IPRS in appeal no. FPA-PMLA- 1302/MUM/2016 decided on 22.06.2017 had dealt with the similar issue as to whether the innocent party whose immovable properti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s than thirty days on such person calling upon him to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the property attached under sub-section (1) of section 5, or, seized or frozen under section 17 or section 18, the evidence on which he relies and other relevant information and particulars, and to show cause why all or any of such properties should not be declared to be the properties involved in money-laundering and confiscated by the Ce .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the aggrieved person and the Director or any other officer authorised by him in this behalf, and (c)taking into account all relevant materials placed on record before him, by an order, record a finding whether all or any of the properties referred to in the notice issued under sub-section (1) are involved in money-laundering: Provided that if the property is claimed by a person, other than a person to whom the notice had been issued, such person shall also be given an opportunity of being heard .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on 10.05.2016 by Allahabad High Court, it has been observed by the Ld. Single Judge after noticing the judgment of Karnataka High Court that the element of knowingly or mens rea have been provided under the Act so that the aspect of implicating any innocent person can be ruled out. Relevant para 26 of judgment is reproduced below:- 26. Thus, upon consideration of the law laid down by the Hon'ble Karnataka High Court, it is clear that the amendment incorporated in the Money Laundering Act wa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

High Court has also held that the complainant in such a case is not required to wait for the result of trial being held for the scheduled offence. A complaint can still be filed against such person, but if ultimately the person is acquitted of the charge for the scheduled offence, his prosecution under section 3 of the Act for the offence of Money-Laundering would also come to an end. It has also been kept open by the Karnataka High Court that a person against whom complaint under section 3 of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ey laundering, the Adjudicating Authority can take into consideration the plea of innocence raised by any person and also the fact as to whether the property which has been attached has any nexus whatsoever with that of money laundering or not if the person before the Tribunal/ Adjudicating Authority is able to demonstrate that he neither directly nor indirectly has attempted to indulge nor with knowledge or ever assisted any process or activity in connection with proceeds or crime and the quest .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s a pre-condition prior to confirming or attachment by Adjudicating Authority. Therefore, at that time, if the plea is raised that the party whose property is attached is innocent or is without knowledge of any such transaction with respect to money laundering, then the Tribunal can consider the said plea and proceed to release the said property out of the properties by holding that the said property is not involved in money laundering. 58. For the purposes of determining whether the property is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hich uses conjunctive 'and', makes it luminous that any persons concerned in any process or activity connected with such "proceeds of crime" relating to a "scheduled offence" including its concealment, possession, acquisition or use can be guilty of money laundering, only if both of the two prerequisites are satisfied i.e.- (i) Firstly, if he- (a) directly or indirectly 'attempts' to indulge, (b) knowingly either assists or is a party, or (c) is actually invol .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

when (i) he intends to commit that particular offence and (ii) he, having made preparations and with the intention to commit the offence, does an act towards its commission; such an act need not be the penultimate act towards the commission of that offence but must be an act during the course of committing that offence." Thus, an attempt to indulge would necessarily require not only a positive "intention" to commit the offence, but also preparation for the same coupled with doing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

most all the offences is fastened either on the ground of "intention" or "knowledge" or "reason to believe". We are now concerned with the expressions knowledge and "reason to believe". Knowledge is an awareness on the part of the person concerned indicating his state of mind. Reason to believe is another facet of the state of mind. "Reason to believe" is not the same thing as suspicion or doubt and mere seeing also cannot be equated to believing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

'Knowingly', assisted or was a party to, any offence. C. Actually involved: Actually involved would mean actually involved into any process or activity connected with the proceeds of crime and thus scheduled offence, including its concealment, possession, acquisition or use. There is absolutely no material or circumstantial evidence whatsoever, oral or documentary, to substantiate any such allegation qua the petitioners, D. Neither any of the petitioners is arraigned as accused in the & .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ature i.e. the property being 'proceeds of crime' derived or obtained, directly or indirectly, as a result of criminal activity relating to a scheduled offence, would be utmost necessary, which however is lacking in the instant case." 59. These are four ingredients which are determinative factors on the basis of which it can be said that whether any person or any property is involved in money laundering or not. If there is no direct / indirect involvement of any person or property w .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s of the crime and has passed on hands to the number of purchasers which includes the bona fide purchaser without notice, the said purchaser who is not having any knowledge about the involvement of the said property with the proceeds of the crime nor being the participant in the said transaction ever, cannot be penalized for no fault of his. Therefore, it cannot be the Scheme of the Act whereby bona fide person without having any direct/ indirect involvement in the proceeds of the crime or its d .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

read as follows:- 23. Presumption in inter-connected transactions Where money-laundering involves two or more inter- connected transactions and one or more such transactions is or are proved to be involved in money-laundering, then for the purposes of adjudication or confiscation (under section 8 or for the trial of the money-laundering offence, it shall unless otherwise proved to the satisfaction of the Adjudicating Authority or the Special Court), be presumed that the remaining transactions f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

present case, one G. Srinivasan is accused of having played fraud and obtained a loan of ₹ 15,00,00,000/- by producing bogus and fabricated documents. From and out of the said amount, the property in question was purchased by him in the names of his Benamies. One Ayyappan was appointed as their Power Agent. One Gunaseelan purchased the property through the Power Agent Ayyappan. The said Gunaseelan was examined and his statement was recorded Under Section 50 of the Act. He had stated that h .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and that Gunaseelan did not pay any amount as sale consideration or the sale consideration paid by Gunaseelan was not legitimate money. There is no material to show nexus and link of Gunaseelan with G. Srinivasan and his Benamies. In the absence of any verification or investigation by respondent with regard to genuineness or otherwise of the purchase by Gunaseelan; whether he was connected with G. Srinivasan or the sale consideration is legitimate or not the property in the hands of Gunaseelan c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is nothing on record to show that the respondent had verified these statements. Especially, the respondent has not verified the Bank statement produced by the Appellants to ascertain the genuineness of the same and whether the money deposited came from genuine purchasers or from the persons involved in fraud and Money Laundering. The respondent does not allege that Appellants are Benamies of G. Srinivasan or no sale consideration passed to the vendor. 23. Considering the materials on record and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lants and not the property in the hands of genuine legitimate bona fide purchaser without knowledge. 24. Before the Adjudicating Authority it was admitted by complainant that appellants had no knowledge that properties in the hands of their vendor was proceeds of crime. It was also not disputed by complainant that the appellants did not have financial capacity to buy properties. Paragraphs 21, 22, 23 and 24 of order of Adjudicating Authority is extracted herein for better appreciation. 21. The C .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

) of the PMLA and therefore on of the condition for issuing provisional attachment order is satisfied. The other important point to be determined is whether the properties attached vide Provisional attachment order are involved in money-laundering. The only defense or explanation raised by Defendants, particularly Def No. 2 to 8 is that the landed properties attached by the complainant are not proceeds of crime. These properties were purchased by these defendants without having any knowledge, wh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he complainant without disputing that the deals are bona fide heavily relied on the judgment of the Bombay High Court, dated 05.08.2010 in Mr. Radha Mohan Lakhotia Vs. Deputy Director, PMLA, Directorate of Enforcement, Mumbai in first appeal No. 527/2010. In this case it held by the Bombay High Court that the property bought without the knowledge that the same is tainted could be subjected to Provisional Attachment Order. 23. In the instant case the only point to be decided is whether the proper .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

apability of these Defendants to buy these properties. However, the Bombay High Court decision in Radha Mohan Lakhotia has been pressed into service to make out a plea that the properties could be attached in such circumstances under the PMLA." Provisional attachment was sought to be continued only based on the judgment of Bombay High Court in Radha Mohan Lakhotia's case. 25. A reading of paragraphs 21 to 24 clearly reveals that both the Adjudicating Authority as well as Appellate Autho .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

atives. 26. In the present case, the respondent failed to prove that the appellants did not have sufficient financial capacity to buy the property or that the money paid by them as sale consideration was not legitimate money derived by agricultural activities. No material was produced to show that the appellants are close relatives of person, who involved in criminal activities and the person, who sent monies to purchase the property did not possess financial capacity to provide such huge amount .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y finding on merits after verifying with the concerned Bank." 49. From the scheme of the Prevention of Money Laundering Act, 2002 and its object, it is clear that the intention of the legislation was not to apply the Act to the transaction subject matter of the present case. 50. The ED in its provisional order as well as in the complaint before the Ld. Adjudicating Authority admitted that the properties which are subject matter are mortgaged with the appellants banks. The borrowers acquired .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

erties have been acquired out of the funds/loans availed from Union Bank of India. 51. The mortgaged properties are security to the loans and cannot be subject matter of attachment particularly when the same were purchased and mortgaged prior to the events of funds diversion and frauds committed by the respondents. The appellants Banks have to recover huge amounts in the above loan accounts and the appellant bank being the mortgagee/transferee of the interest in the properties is entitled to rec .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l Government, LIC Housing Finance Limited will also have to undergo dialysis, due to the illegal kidney trade that the petitioner in the writ petition is alleged to have indulged in. This cannot be purpose of the Act. 28. In the present case, as per the above three Escrow Agreements dated 31.10.2014, between the Appellant, the three Companies and IndusInd Bank Ltd., the borrowers agreed to deposit the receivables, i.e. the rentals to be received from the mortgaged property in the designated escr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

0. The above three immovable properties and two of the Escrow Accounts (out of three), i.e. Escrow Accounts No. 200999779905 and 200999779912, IndusInd Bank, Lower Parel Branch, Mumbai are the subject matter of attachment by the Respondent in the present case. Induslnd Bank has no objection if the said rent be deposited with the appellant bank by the tenants. The similar is stand of the borrowers. This arrangement is acceptable to all three parties to the agreements above the two Escrow accounts .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

have opened two Escrow Accounts 200999779905 and 200999779912 in the name of Oak Leasing & Infotech Pvt. Ltd- Escrow A/c ABFL and Rossette Leasing & Infotech Pvt. Ltd- Escrow A/c ABFL and Rossette Leasing & Infotech Pvt. Ltd- Escrow A/c ABFL respectively. Induslnd Bank Ltd, as Escrow Account Bank, have no objection if the future rentals are routed through a separate account of ABFL. We are the Account Bank for benefit of Lender i.e. Aditya Birla Finance Ltd. as per the said Escrow A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

roceeds of crime nor value thereof . 32. They argued that neither the Appellant, nor any of its borrowers - Oak Leasing, Rosette Leasing and Upfront Leasing have been named in the F.I.R.s/Chargesheets/E.C.I.R.s. Further, there is not a single statement given by any person under Section 50 of the Act wherein any wrongdoing has been alleged against Appellant or any of the three borrowers. The said arguments are disputed by the learned counsel for respondent no. 1. 33. As per the Respondent s own c .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

submitted by the Respondent that monies have allegedly been siphoned off by the Accused persons to unknown destinations and which have not been disclosed by the Accused persons during investigation. However, in order to somehow get rid of its responsibility, the Respondent has proceeded to attach the properties in question. 35. The borrowers in their appeals have also filed the application seeking relief from this Tribunal to permit them for making statutory payments such as maintenance charges/ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

es required to be paid are follows:- a. Maintenance charges to Ferani Developers b. Property Tax to Brihan Mumbai Mahanagar Palika c. Service Tax to Service Tax Department, Govt. of India. 37. It is alleged by the borrowers that after passing of the provisional attachment order by the respondent they are not able to pay the above mentioned statutory dues to the authorities, who is now receiving default notices from the Office of Assistant Commissioner of Service Tax, Mumbai, Assistant Assessor & .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for which it has received a notice from the office of Assistant Commissioner, Service Tax, Mumbai and it is directed to file the return within two days showing its self assessed tax and payment particulars. The appellants have also received a letter from Brihan Mahanagar Palika for payment of arrears of outstanding towards the property tax amounting to ₹ 16,60,400/- for the period 01.04.2016 to 31.03.2017. They have also received a letter from Ferani Developers for payment of maintenance .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

if the Special Court trying the offences under Section 3 comes to the conclusion that the properties are not liable to be confiscated, then the same shall stand released the appellant in terms of Section 8(8) of the Act. It is thus sought to canvassed that the interest of the appellant is secured. When the properties do not even remotely or prima facie bear a link with the proceeds of crime or the criminal activity, then the said properties are not liable to be attached under the false pretext .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version