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Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
For penalties for contravention of cash-receipt restrictions, proceedings commence when the Joint Commissioner, as the competent authority, issues a notice affording an opportunity of hearing; an Assessing Officer's proposal merely forwards material and does not initiate proceedings. The penalty order must be passed within six months from the end of the month of that notice. Although no express initiation period applies after receipt of the proposal, initiation should occur within a reasonable time, treated here as six months from the end of that month. Notices need not contain detailed factual particulars if the assessee receives a reasonable hearing and replies are considered. No separately recorded satisfaction by the Joint Commissioner is required before initiation.
For penalties for contravention of cash-receipt restrictions, proceedings commence when the Joint Commissioner, as the competent authority, issues a notice affording an opportunity of hearing; an Assessing Officer's proposal merely forwards material and does not initiate proceedings. The penalty order must be passed within six months from the end of the month of that notice. Although no express initiation period applies after receipt of the proposal, initiation should occur within a reasonable time, treated here as six months from the end of that month. Notices need not contain detailed factual particulars if the assessee receives a reasonable hearing and replies are considered. No separately recorded satisfaction by the Joint Commissioner is required before initiation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
