During the hearing today, Advocate Abhimanyu Bhandari appeared for Bahl and argued the money was sent to London to buy a property, but there was no evasion of tax and hence no proceeds of crime generated, which is a sine qua non for initiation of proceedings under the PMLA.
Bhandari said that the IT department had not found even a rupee of tax evaded after carrying out an assessment.
Advocate Zoheb Hossain, appearing for the ED, stated that the matter was argued before the Allahabad High Court which dismissed the plea and even an appeal against the order has been rejected by the Supreme Court.
Source: Barandbench
