Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Prolonged non-payment of import dues was treated as a deferred payment arrangement and external commercial borrowing under the RBI circulars and the Borrowing or Lending in Foreign Exchange Regulations; the absence of a formal loan agreement did not alter that character, so FEMA contravention was sustained. Post-facto RBI remittance letters were limited to foreign-exchange permission and did not condone the breach. The Tribunal also upheld liability of the directors for the company's contravention, finding no due diligence defence. It rejected the argument that absence of mens rea barred civil penalty under FEMA, though it reduced the penalties.
Prolonged non-payment of import dues was treated as a deferred payment arrangement and external commercial borrowing under the RBI circulars and the Borrowing or Lending in Foreign Exchange Regulations; the absence of a formal loan agreement did not alter that character, so FEMA contravention was sustained. Post-facto RBI remittance letters were limited to foreign-exchange permission and did not condone the breach. The Tribunal also upheld liability of the directors for the company's contravention, finding no due diligence defence. It rejected the argument that absence of mens rea barred civil penalty under FEMA, though it reduced the penalties.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
