Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Advance Authorisation disputes over duty-free gold turned on whether later-regularised supporting manufacturers and clerical errors in export documents amounted to diversion or breach of the Actual User condition. The Tribunal treated dispatch to manufacturers later endorsed by DGFT as a curable procedural lapse, not unauthorised diversion, and found no basis for confiscation. It also accepted that excess jewellery over the invoice declaration arose from a clerical mistake, with no mens rea or pecuniary gain, so confiscation and redemption fine were unsustainable. Because the gold was seized before expiry of the export-obligation period and remained part of authorised imports, absolute confiscation was also set aside. Penalties failed with the confiscations and were deleted.
Advance Authorisation disputes over duty-free gold turned on whether later-regularised supporting manufacturers and clerical errors in export documents amounted to diversion or breach of the Actual User condition. The Tribunal treated dispatch to manufacturers later endorsed by DGFT as a curable procedural lapse, not unauthorised diversion, and found no basis for confiscation. It also accepted that excess jewellery over the invoice declaration arose from a clerical mistake, with no mens rea or pecuniary gain, so confiscation and redemption fine were unsustainable. Because the gold was seized before expiry of the export-obligation period and remained part of authorised imports, absolute confiscation was also set aside. Penalties failed with the confiscations and were deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
