Allowed
FPA-PMLA-1000/MUM/2015 of M/s Ace Card InfrasolPvt. Ltd. v/s The Joint Director Directorate of Enforcement, Mumbai
ATFPFPA-PMLA-1000/MUM/2015
Case brief
AI extract
What is this about?
The Tribunal allowed appeals against provisional attachment orders under the PMLA. It held that funds received by the appellant from a corporate entity under a valid land agreement were legitimate business advances, not proceeds of crime. A subsequent Income Tax Appellate Tribunal ruling confirmed the legality of these transactions, leading to the quashing of attachment orders.
What did the court decide?
Set aside impugned orders passed by the adjudicating authority and quash orders of provisional attachments against the subject properties.