Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
Under FEMA, section 13(1) prescribes a maximum penalty but neither fixes a penalty nor sets a minimum. Penalty quantum therefore lies within the adjudicating authority's judicial discretion, to be exercised on the facts and evidence. The Tribunal's discussion states that a reasoned penalty order based on the record should not be enhanced unless the Directorate demonstrates that the penalty was inadequate or that discretion was improperly exercised. In the stated context of a company director's penalty for foreign-exchange remittance contraventions, the Tribunal found no basis to interfere with the original quantum and dismissed the enhancement appeal.
Under FEMA, section 13(1) prescribes a maximum penalty but neither fixes a penalty nor sets a minimum. Penalty quantum therefore lies within the adjudicating authority's judicial discretion, to be exercised on the facts and evidence. The Tribunal's discussion states that a reasoned penalty order based on the record should not be enhanced unless the Directorate demonstrates that the penalty was inadequate or that discretion was improperly exercised. In the stated context of a company director's penalty for foreign-exchange remittance contraventions, the Tribunal found no basis to interfere with the original quantum and dismissed the enhancement appeal.
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