Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Section 37A had to be read as a whole, so the Directorate of Enforcement could challenge a seizure order after being heard before the Competent Authority; the departmental appeal was therefore maintainable. On the merits, subscription to a foreign company's shares, even through memorandum of association, constituted direct investment outside India and fell within foreign security. The Tribunal held that paid-up capital was not a precondition for acquisition, holding or transfer, and the Competent Authority erred in treating the shares as valueless and finding no contravention. It also held that equivalent value seizure under Section 37A is a one-time securing measure and cannot be duplicated for the same foreign security.
Section 37A had to be read as a whole, so the Directorate of Enforcement could challenge a seizure order after being heard before the Competent Authority; the departmental appeal was therefore maintainable. On the merits, subscription to a foreign company's shares, even through memorandum of association, constituted direct investment outside India and fell within foreign security. The Tribunal held that paid-up capital was not a precondition for acquisition, holding or transfer, and the Competent Authority erred in treating the shares as valueless and finding no contravention. It also held that equivalent value seizure under Section 37A is a one-time securing measure and cannot be duplicated for the same foreign security.
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