Monday, February 25, 2019

Attachment order was to be set aside as appellants weren't involved in money laundering activities

FEMA, BANKING & INSURANCE : Where Adjudicating Authority passed a provisional order of attachment of property purchased by appellants on ground that said property was purchased out of proceeds of crime, in view of fact that appellants had produced documents such as bank statement and also individual income tax returns before Adjudicating Authority to show means of funds for purchase of subject property, it could be concluded that appellants were bona fide purchasers and, therefore,

from www.taxmann.com Latest Case Laws https://ift.tt/2Nq2lmg

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...