Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
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Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA.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Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA.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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