Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
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Vicarious liability under FEMA arises where a person is in charge of and responsible for the company's business; office alone does not establish that responsibility. The Financial Advisor and Chief Accounts Officer's authority to sign export-related, import and bank-account documents established assigned responsibility for export transactions, making him liable for neglect in the company's non-realisation of export proceeds, although consent or connivance was not proved. FEMA penalties are civil and may apply to technical or procedural contraventions without proving mens rea. The Tribunal sustained liability for neglect but limited the penalty to the pre-deposit already made and deleted the balance.
Vicarious liability under FEMA arises where a person is in charge of and responsible for the company's business; office alone does not establish that responsibility. The Financial Advisor and Chief Accounts Officer's authority to sign export-related, import and bank-account documents established assigned responsibility for export transactions, making him liable for neglect in the company's non-realisation of export proceeds, although consent or connivance was not proved. FEMA penalties are civil and may apply to technical or procedural contraventions without proving mens rea. The Tribunal sustained liability for neglect but limited the penalty to the pre-deposit already made and deleted the balance.
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