Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Under FEMA, confiscation of currency, securities, money or property involved in a contravention is discretionary and may be ordered in addition to a penalty; it is neither mandatory nor tied to a compulsory maximum penalty. The discretion must be exercised judiciously on the facts and evidence. The notes state that the appellant did not show that the Adjudicating Authority failed to apply its mind or that refusing confiscation caused a miscarriage of justice. Accordingly, the Tribunal upheld the refusal to confiscate shares transferred to foreign investors without Reserve Bank permission and found no basis to interfere with the penalty order.
Under FEMA, confiscation of currency, securities, money or property involved in a contravention is discretionary and may be ordered in addition to a penalty; it is neither mandatory nor tied to a compulsory maximum penalty. The discretion must be exercised judiciously on the facts and evidence. The notes state that the appellant did not show that the Adjudicating Authority failed to apply its mind or that refusing confiscation caused a miscarriage of justice. Accordingly, the Tribunal upheld the refusal to confiscate shares transferred to foreign investors without Reserve Bank permission and found no basis to interfere with the penalty order.
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