Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Limitation after transfer-pricing remand: fresh TPO reference did not extend the assessment deadline, rendering the consequential assessment time-barr...
Interim judicial restraint on tax deduction prevents default, while supporting reasonable cause and penalty deletion for foreign-leg LFC reimbursement...
Palmolein classification defeated the crude-oil concession; material misdeclaration sustained recovery and confiscation, while separate false-document...
The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where incriminating evidence was found. The Appellate Tribunal found the appellant guilty based on evidence, including statements and financial transactions. Penalties were imposed u/s 4 of FEMA and u/s 3(d) of the Act of 1999. The Tribunal reduced the penalties to make them proportionate to the contraventions. The total penalty imposed on the appellant was Rs. 50 lakhs, with Rs. 10 lakhs for u/s 4 and Rs. 40 lakhs for u/s 3(d). The appeal was partly allowed based on the revised penalties.
The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where incriminating evidence was found. The Appellate Tribunal found the appellant guilty based on evidence, including statements and financial transactions. Penalties were imposed u/s 4 of FEMA and u/s 3(d) of the Act of 1999. The Tribunal reduced the penalties to make them proportionate to the contraventions. The total penalty imposed on the appellant was Rs. 50 lakhs, with Rs. 10 lakhs for u/s 4 and Rs. 40 lakhs for u/s 3(d). The appeal was partly allowed based on the revised penalties.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
