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PMLA doesn’t sanction employment of concept of ‘beneficial ownership’ for purpose of attachment of properties

August 17, 2019[2019] 108 228 ((PMLA-AT), NEW DELHI)

FEMA, BANKING & INSURANCE/PMLA: When amount received from sale of shares was found to be from a genuine business transaction and, therefore, untainted, investments made by utilising aforesaid amount were also untainted and could not be subjected to provisions of PML Act

FEMA, BANKING & INSURANCE/PMLA: PML Act does not empower authorities to attach legitimate earnings made by a person for rendering her services connected with legitimate activity of a company; further, attachment of past earnings of an alleged proceeds of crime is beyond power of authorities under section 5

FEMA, BANKING & INSURANCE/PMLA: Section 5 does not sanction employment of concept of 'beneficial ownership' for purpose of attachment of properties

FEMA, BANKING & INSURANCE/PMLA: It is only in cases of indirect taxes that value of property gets accretion to extent of such indirect taxes; however, in case of direct taxes, such as income tax, value of property, gets reduced to extent of income tax paid and, therefore, ought to have been subtracted from overall alleged proceeds of crime, for purpose of attachment

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