Case of ACIT vs State, HC Delhi Judgement Dated 18th September 2025. HC held that money defrauded from investors does not constitute taxable income of a company or its directors but amounts to proceeds of crime under the Prevention of Money Laundering Act. The Court dismissed a petition by the Assistant Commissioner of Income Tax seeking release of fixed deposit receipts to recover tax dues, finding that such amounts cannot be appropriated as revenue before completion of the PMLA trial.