Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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