Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
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.
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