#Section 45

Granting bail, the Court held that assets acquired before scheduled offence period cannot be treated as proceeds of crime under PMLA without a temporal nexus to alleged criminal activity. Court found no such link for the petitioner’s overseas assets.

ITAT Mumbai rules that surrender of tenancy rights qualifies as a capital receipt, not taxable under 'Income from Other Sources' if the assessee fails to prove the cost of acquisition. The ruling reinforces that capital gains computation must precede taxation under Section 56, impacting property owners and tax practitioners dealing with tenancy rights transactions.