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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 taxmann.com 228 ((PMLA-AT), NEW DELHI)
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PMLA : Section 5 of PML Act does not sanction employment of concept of "beneficial ownership‟ for purpose of attachment of properties

• PML Act does not empower the respondents to attach the 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 the power of the respondents under Section 5 of the PML Act.

• Section 5 of PML Act does not sanction employment of concept of "beneficial ownership‟ for the purpose of attachment of properties.

• It is only in the cases of indirect taxes that the value of the property gets accretion to the extent of such indirect taxes. However, in the case of direct taxes, such as Income Tax, the value of the property, gets reduced to the extent of the IT paid and therefore, ought to have been subtracted from the overall alleged proceeds of crime, for the purpose of attachment.

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