Faceless reassessment jurisdiction turned on retrospective AO definition, with later faceless-assessment changes treated as clarificatory and procedur...
Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Page of 4805
Press 'Enter' after typing page number.
2121 to 2140 of 96092 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
