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...
Section 37A of FEMA, 1999 authorizes seizure of assets equivalent in value to foreign exchange, foreign securities, or immovable property held outside India in contravention of the Act. The threshold for invoking Section 37A is low, requiring mere reason to suspect such contravention. Information received under tax treaties can be used for initiating action u/s 37A. Seizure u/s 37A does not amount to confiscation, which can only happen after adjudication proceedings. The provision applies to continuing offenses, even if the alleged contravention occurred before its introduction in 2015, as long as the property is held after the provision came into effect. The appeal challenging the seizure order u/s 37A was dismissed.
Section 37A of FEMA, 1999 authorizes seizure of assets equivalent in value to foreign exchange, foreign securities, or immovable property held outside India in contravention of the Act. The threshold for invoking Section 37A is low, requiring mere reason to suspect such contravention. Information received under tax treaties can be used for initiating action u/s 37A. Seizure u/s 37A does not amount to confiscation, which can only happen after adjudication proceedings. The provision applies to continuing offenses, even if the alleged contravention occurred before its introduction in 2015, as long as the property is held after the provision came into effect. The appeal challenging the seizure order u/s 37A was dismissed.
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