Goods Shall Be Released Provisionally If Assessee Demonstrates Inclusion Of Transaction In GSTR-1 Return: Madras High Court

The Madras High Court stated that if the assessee is able to demonstrate that the transaction is included in the GSTR-1 Return, the goods shall be released provisionally. The Bench of Justice Mohammed Shaffiq directed the assessee to submit a copy of the GSTR-1 report, as it would reveal whether the subject transaction was disclosed as a zero-rated sale. Section 54 of the Central Goods and Services Tax Act, 2017 applies to persons who have paid a tax or any other amount, such as...

Mere Possession Of 'Proceeds Of Crime' Sufficient To Invoke PMLA, HC Cannot Restrict Its Meaning To Restrain Authorities: Madras High Court

The Madras High Court recently observed that the expression money laundering, as defined under Section 3 of the Prevention of Money Laundering Act has a wider meaning and the provisions of the Act could be invoked against a person for mere possession of proceeds of crime. The court added that since Section 3 is wider, the court could not restrict its meaning to restrain authorities from invoking the provisions of PMLA. “Therefore, mere possession of proceeds of crime would be sufficient...