Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The Calcutta High Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA. The court held that FEMA provisions apply to offences committed under FERA. The petitioner was found guilty of violating FERA provisions before the enactment of FEMA. The court noted a sunset period for adjudicating FERA offences before FEMA's applicability. The court rejected leniency arguments based on FEMA provisions. The court invoked its inherent power u/s 482 CrPC to uphold the conviction, modifying the sentence to a fine of Rs. 3 lakhs due to the petitioner's age and the time lapse since the offence. The criminal revisional application was dismissed.
The Calcutta High Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA. The court held that FEMA provisions apply to offences committed under FERA. The petitioner was found guilty of violating FERA provisions before the enactment of FEMA. The court noted a sunset period for adjudicating FERA offences before FEMA's applicability. The court rejected leniency arguments based on FEMA provisions. The court invoked its inherent power u/s 482 CrPC to uphold the conviction, modifying the sentence to a fine of Rs. 3 lakhs due to the petitioner's age and the time lapse since the offence. The criminal revisional application was dismissed.
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