Taxation, Proceeds of Crime and Money Laundering: The Interface between the Income-tax Act, 1961 and the Prevention of Money Laundering Act, 2002

‘Proceeds of crime’ is defined in Section 2(1)(u) of the PMLA in wide terms: any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence, the value of any such property, or property of equivalent value held within the country where the property itself is taken or held outside India. The word “scheduled offence” is doing the load-bearing work in this definition.