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October 19, 2026   Notes GST
GST portal service requires statutory validity and meaningful access before ex parte demand proceedings can withstand challenge.
October 19, 2026   Notes Income Tax
TNMM comparability requires symmetrical operating-cost treatment and FAR-based review, while search matrices cannot replace substantiated functional analysis.
October 19, 2026   Notes Customs
Reasonable belief must precede gold seizure; without recorded objective grounds, the reverse burden for smuggling does not arise.
October 19, 2026   Notes Income Tax
Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation entries.
October 19, 2026   Notes GST
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherited estate.
October 19, 2026   Notes FEMA
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset holdings.
October 19, 2026   Notes Companies Law
Unstayed Tribunal Orders Preserve Corporate Authority Despite Pending Oppression Appeals and Limit Bank Intervention in Account Operations
October 19, 2026   Notes Benami Property
Will-based benami claims remain barred where pleadings assert beneficial ownership and no statutory fiduciary relationship exists.
October 19, 2026   Notes Income Tax
Reassessment validity depends on tangible material, no prior conscious examination, and recorded reasons that alone define jurisdiction.
October 19, 2026   Notifications Customs
All Industry Rates of Duty Drawback for specified tariff items are reduced through Schedule amendments.
October 19, 2026   Notifications Central Excise
Special additional excise duty on petrol and diesel exports is revised, imposing new per-litre rates under the amended schedule.
October 19, 2026   Circulars Customs
Expert panel valuation of gems and jewellery requires independent assessment, voluntary service, and strict misconduct consequences.
October 19, 2026   Case Laws GST
Show-cause notice safeguards require consignees to answer alleged GST discrepancies before tax-evasion determinations are made.
October 19, 2026   Case Laws GST
Proof of principal place of business governs GST registration; missing additional-premises rent agreement cannot justify cancellation.
October 19, 2026   Case Laws GST
Tax-exclusive bills of quantities prevail over general tender tax clauses, supporting GST reimbursement for public works contractors.
October 19, 2026   Case Laws GST
Deferred input tax credit under section 16(5) remains available despite GSTR-2A mismatches when supporting records establish genuine business credit.
October 19, 2026   Case Laws GST
Refund of Excess IGST: Clerical GSTR-3B misreporting cannot justify retention of tax paid twice on zero-rated exports.
October 19, 2026   Case Laws GST
Input tax credit on retail-shop interiors remains available where the GST component is not capitalised in fixed-asset cost.
October 19, 2026   Case Laws GST
Input tax credit claims require transaction-specific proof of goods receipt; restored supplier registration supports entitlement despite bogus-supplier allegations.
October 19, 2026   Case Laws GST
Unaccounted stock found during survey requires tax determination, making direct confiscation and penalty proceedings impermissible.

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Home › Highlights › FEMA › 2024 › September, 2024 › This
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FEMA

Appellants acted in contravention of the Foreign Exchange...

Appellants' Forex Violations Lead to Reduced Penalties; Tribunal Acknowledges Negligence, Adjusts Fines for Bank and Individuals.

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FEMA September 12, 2024 Case Laws AT
Appellants acted in contravention of the Foreign Exchange Management Act, 1973 by transferring non-convertible amount out of India, making it convertible without RBI's permission. The contravention occurred not on one occasion but multiple times, indicating negligence. Bringing the amount back does not nullify the contravention. The Adjudicating Authority rightly imposed penalty after considering all aspects, though the quantum was disproportionate. The penalty is reduced to Rs. 30 lakhs for the appellant bank and Rs. 3 lakhs each for individual appellants. Any excess amount deposited shall be refunded. The Appellate Tribunal upheld the contravention but moderated the penalty considering it a case of negligence as per the High Court's observation.
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