Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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