Delhi HC: Scam Proceeds Not Taxable Income – PMLA Overrides Income Tax Act

ACIT Vs State (Delhi High Court) No Tax on Crime- Scam Proceeds Belong to Victims, Not Revenue- PMLA Takes Precedence-Delhi HC; Income Tax Dept. Cannot Claim Ponzi Scam Proceeds as “Taxable Income”;  Delhi High Court dismissed the Income Tax Department’s plea seeking release of Fixed Deposit Receipts (FDRs) worth ₹34.69 crore seized from M/s Stockguru India & its promoters for adjustment against outstanding tax dues. The Department argued that the seized funds, discovered during a search under Section 132 of the Income Tax Act, 1961, should be appropriated under Section 226(4) to...