Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
Food import sampling requirements support provisional release where unseized consignments conform to standards and raw areca classification is unestab...
FERA penalty quantification must be reasoned, reasonable and proportionate to the contravention; the statutory maximum under Section 50 does not by itself justify the amount imposed. Where certain export-realisation contraventions were excluded and an RBI write-off was noted, retaining the original penalty without explaining its basis was disproportionate. A finding that the penalty was not harsh or excessive, without articulated quantification reasons, was insufficient. The penalty was therefore set aside and redetermined at a lower amount, with the appeal partly allowed.
FERA penalty quantification must be reasoned, reasonable and proportionate to the contravention; the statutory maximum under Section 50 does not by itself justify the amount imposed. Where certain export-realisation contraventions were excluded and an RBI write-off was noted, retaining the original penalty without explaining its basis was disproportionate. A finding that the penalty was not harsh or excessive, without articulated quantification reasons, was insufficient. The penalty was therefore set aside and redetermined at a lower amount, with the appeal partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
