Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Section 37A(1) of FEMA was held to apply where a foreign immovable property continued to be held by a resident in India on the date of seizure, even if acquired before the provision came into force; the challenge based on retrospective application therefore failed and the authorised officer had a prima facie basis to invoke seizure power. However, once the foreign property had been transferred and equivalent foreign exchange had been repatriated into India, the object of Section 37A was satisfied and the seizure of the equivalent asset in India was set aside under the proviso to Section 37A(4), leaving open adjudication for the earlier period of alleged contravention.
Section 37A(1) of FEMA was held to apply where a foreign immovable property continued to be held by a resident in India on the date of seizure, even if acquired before the provision came into force; the challenge based on retrospective application therefore failed and the authorised officer had a prima facie basis to invoke seizure power. However, once the foreign property had been transferred and equivalent foreign exchange had been repatriated into India, the object of Section 37A was satisfied and the seizure of the equivalent asset in India was set aside under the proviso to Section 37A(4), leaving open adjudication for the earlier period of alleged contravention.
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