Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Foreign-exchange remittances for purported non-physical software imports require reliable proof of actual import. A Customs intimation, a pre-import Chartered Accountant valuation report, and a later expert certificate based on company-supplied CDs did not establish receipt of software in the relevant period; the company's FEMA contravention was therefore sustained, although its penalty was reduced for financial duress. An officer in charge who signed remittance documents, admitted that the software received had no value, and failed to show due diligence to prevent the breach was vicariously liable under FEMA. The officer's liability was maintained, with a reduced penalty.
Foreign-exchange remittances for purported non-physical software imports require reliable proof of actual import. A Customs intimation, a pre-import Chartered Accountant valuation report, and a later expert certificate based on company-supplied CDs did not establish receipt of software in the relevant period; the company's FEMA contravention was therefore sustained, although its penalty was reduced for financial duress. An officer in charge who signed remittance documents, admitted that the software received had no value, and failed to show due diligence to prevent the breach was vicariously liable under FEMA. The officer's liability was maintained, with a reduced penalty.
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