Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
Note: It is a system-generated summary and is for quick reference only.
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