Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The case involves contravention of FERA provisions u/s 8(1), 48, and 49 r.w.s. 72(c) due to delivering cargo to Dubai instead of Russia, causing foreign exchange loss. Authenticity of incriminating letters confirmed. Suspected collusion between exporter, shipping company, and non-existent Russian buyers. Lack of legal action against shipping company raises suspicion. Appellant's diversion to Dubai contradicted export requirements. Failure to provide export documents strengthens case against appellant. Directors held liable u/s 68 FERA. Penalty upheld for company and director due to culpability in export irregularities.
The case involves contravention of FERA provisions u/s 8(1), 48, and 49 r.w.s. 72(c) due to delivering cargo to Dubai instead of Russia, causing foreign exchange loss. Authenticity of incriminating letters confirmed. Suspected collusion between exporter, shipping company, and non-existent Russian buyers. Lack of legal action against shipping company raises suspicion. Appellant's diversion to Dubai contradicted export requirements. Failure to provide export documents strengthens case against appellant. Directors held liable u/s 68 FERA. Penalty upheld for company and director due to culpability in export irregularities.
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