Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
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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