Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The High Court considered an application for compounding contravention under FEMA. The petitioner filed Form FC-TRS belatedly, leading to investigations and complaints. The Court noted that Rule 8(2) of the Compounding Proceeding Rules requires the Compounding Authority to pass an order within 180 days and afford all concerned parties an opportunity to be heard. The Court found that investigations on money laundering charges were ongoing, preventing compounding proceedings. Rule 4(1) empowers the first respondent to compound contraventions, except those related to suspected money laundering. A proviso added to Rule 8(2) prohibits compounding contraventions suspected of terror financing or affecting national sovereignty, remitting such cases to the Adjudicating Authority. The compounding application was returned due to the proviso, which does not allow compounding of contraventions suspected of money laundering.
The High Court considered an application for compounding contravention under FEMA. The petitioner filed Form FC-TRS belatedly, leading to investigations and complaints. The Court noted that Rule 8(2) of the Compounding Proceeding Rules requires the Compounding Authority to pass an order within 180 days and afford all concerned parties an opportunity to be heard. The Court found that investigations on money laundering charges were ongoing, preventing compounding proceedings. Rule 4(1) empowers the first respondent to compound contraventions, except those related to suspected money laundering. A proviso added to Rule 8(2) prohibits compounding contraventions suspected of terror financing or affecting national sovereignty, remitting such cases to the Adjudicating Authority. The compounding application was returned due to the proviso, which does not allow compounding of contraventions suspected of money laundering.
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TaxTMI 
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