Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
FEMA adjudication principles discussed include that procedural delay does not invalidate proceedings without demonstrated prejudice, particularly in complex cross-border investigations where reasons for delay are recorded. Transfers of bank shares to non-residents require Reserve Bank permission in the approved entities' names; an initially unauthorised holding cannot support later transfers under general permission, and civil penalties do not require mens rea. Corporate officers may incur liability for consent, connivance or neglect where they fail to exercise due diligence. Escrow and security arrangements are assessed by substance: custody of shares and title deeds securing overseas loans may constitute an unauthorised guarantee. Foreign-exchange repatriation duties do not apply to a person resident outside India.
FEMA adjudication principles discussed include that procedural delay does not invalidate proceedings without demonstrated prejudice, particularly in complex cross-border investigations where reasons for delay are recorded. Transfers of bank shares to non-residents require Reserve Bank permission in the approved entities' names; an initially unauthorised holding cannot support later transfers under general permission, and civil penalties do not require mens rea. Corporate officers may incur liability for consent, connivance or neglect where they fail to exercise due diligence. Escrow and security arrangements are assessed by substance: custody of shares and title deeds securing overseas loans may constitute an unauthorised guarantee. Foreign-exchange repatriation duties do not apply to a person resident outside India.
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