Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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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Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA.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Court dealt with a case involving a conviction u/s 57 of FERA for non-realization of export proceeds, which was later repealed and replaced by FEMA.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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