Dealers in precious / stones and real estate agents notified under the PMLA (Maintenance of Records) Rules 2005
Finance Ministry notifies dealers in precious / stones and real estate agents under the Prevention of Money-laundering (Maintenance of Records) Rules 2005
The following category of persons has been notified :
(a) Dealers in precious metals, precious stones as persons carrying on designated businesses or professions –if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a single operation or in several operations that appear to be linked.
(b) Real Estate Agents‖, as a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rupees twenty lakhs or above, as persons carrying on designated businesses or professions.
Further the Finance Ministry has notified Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020 to notify Central Board of Indirect Taxes and Customs as reporting authority with respect to the above categories
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- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
