Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The appellants challenged the order contravening FEMA for unauthorized direct investment outside India in an overseas JV not engaged in bona fide business activity. They argued the investment was through purchase of existing shares, a valid mode under FEMA not requiring RBI permission. The term "bona fide business activity" was undefined, and the JV's purpose of exploring global opportunities in steel and textile sectors was legitimate. The Tribunal found the order lacked reasoned decision on relevant aspects like investment mode, need for permission, and bona fide activity, necessitating remand for fresh adjudication. Consequently, the Tribunal set aside the order and remanded the matter for fresh adjudication with a reasoned order.
The appellants challenged the order contravening FEMA for unauthorized direct investment outside India in an overseas JV not engaged in bona fide business activity. They argued the investment was through purchase of existing shares, a valid mode under FEMA not requiring RBI permission. The term "bona fide business activity" was undefined, and the JV's purpose of exploring global opportunities in steel and textile sectors was legitimate. The Tribunal found the order lacked reasoned decision on relevant aspects like investment mode, need for permission, and bona fide activity, necessitating remand for fresh adjudication. Consequently, the Tribunal set aside the order and remanded the matter for fresh adjudication with a reasoned order.
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