Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
HC held that the validity of FERA show-cause notices issued after repeal turned on whether the issuing officer had legal authority under the repeal-and-savings scheme in FEMA. Relying on the earlier co-ordinate Bench ruling in First Global Stockbroking Pvt. Ltd. v. R.M. Ramchandani, the Court held that the same officer was not empowered to act as adjudicating officer for notices under the repealed enactment. As no stay of that ruling existed and no distinguishing facts were shown, the notices were found to be without jurisdiction and were quashed.
HC held that the validity of FERA show-cause notices issued after repeal turned on whether the issuing officer had legal authority under the repeal-and-savings scheme in FEMA. Relying on the earlier co-ordinate Bench ruling in First Global Stockbroking Pvt. Ltd. v. R.M. Ramchandani, the Court held that the same officer was not empowered to act as adjudicating officer for notices under the repealed enactment. As no stay of that ruling existed and no distinguishing facts were shown, the notices were found to be without jurisdiction and were quashed.
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