Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Delayed reporting of foreign direct investment remittances, delayed allotment of shares and non-filing of FC-GPR constituted contraventions under FEMA and the applicable regulations on admitted facts, so the company's breach findings were upheld. A later RBI circular on late submission fees was held inapplicable because it was expressly prospective and the remittances predated it, so that plea failed. Liability of the individual directors was also sustained because the record showed they were responsible for share-allotment and regulatory compliance. The proceedings were treated as civil in nature, absence of mens rea did not bar penalty, but the amounts were reduced on proportionality grounds.
Delayed reporting of foreign direct investment remittances, delayed allotment of shares and non-filing of FC-GPR constituted contraventions under FEMA and the applicable regulations on admitted facts, so the company's breach findings were upheld. A later RBI circular on late submission fees was held inapplicable because it was expressly prospective and the remittances predated it, so that plea failed. Liability of the individual directors was also sustained because the record showed they were responsible for share-allotment and regulatory compliance. The proceedings were treated as civil in nature, absence of mens rea did not bar penalty, but the amounts were reduced on proportionality grounds.
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