Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Mere designation as director is insufficient to fasten liability for a company's FEMA contravention; under Section 42, there must be a specific finding that the person was in charge of and responsible for the conduct of business, or that the contravention occurred with consent, connivance or neglect. Applying S.M.S. Pharmaceuticals, the Tribunal found no material showing the appellant was responsible for the company's export-import business, and his role was confined to software, hardware and limited banking substitution for the Managing Director. As the impugned order did not address his denial of responsibility, the penalty was set aside.
Mere designation as director is insufficient to fasten liability for a company's FEMA contravention; under Section 42, there must be a specific finding that the person was in charge of and responsible for the conduct of business, or that the contravention occurred with consent, connivance or neglect. Applying S.M.S. Pharmaceuticals, the Tribunal found no material showing the appellant was responsible for the company's export-import business, and his role was confined to software, hardware and limited banking substitution for the Managing Director. As the impugned order did not address his denial of responsibility, the penalty was set aside.
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TaxTMI 
TaxTMI 
