Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
The Appellate Tribunal found the Appellant in contravention of the Foreign Exchange Regulation Act (FERA) for instructing Indian Banks to credit accounts of non-residents, leading to prohibited transactions. The Tribunal directed the Appellant to provide an unconditional bank guarantee for the penalty amount u/s 52(2) of FERA. The Appellant's denial of responsibility despite initiating the transactions showed intentional engagement in prohibited activities. FERA aimed to regulate foreign exchange transactions for economic development. The burden of proof regarding culpable mental state was on the Appellant, which it failed to discharge, establishing abetment under FERA sections. The Tribunal deemed the penalty amount disproportionate to the offense and adjusted it for justice.
The Appellate Tribunal found the Appellant in contravention of the Foreign Exchange Regulation Act (FERA) for instructing Indian Banks to credit accounts of non-residents, leading to prohibited transactions. The Tribunal directed the Appellant to provide an unconditional bank guarantee for the penalty amount u/s 52(2) of FERA. The Appellant's denial of responsibility despite initiating the transactions showed intentional engagement in prohibited activities. FERA aimed to regulate foreign exchange transactions for economic development. The burden of proof regarding culpable mental state was on the Appellant, which it failed to discharge, establishing abetment under FERA sections. The Tribunal deemed the penalty amount disproportionate to the offense and adjusted it for justice.
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