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Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
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Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
The appellant acquired and sold foreign currencies to Indian residents in violation of Section 3(a) of FEMA, 1999. The validity of the search and seizure conducted by the Directorate was upheld. The appellant's recorded statements, corroborated by seized documents from his residence, established his liability for unauthorized foreign exchange operations without RBI permission. Cross-examination denial did not prejudice the appellant due to independent corroborative evidence. While the appellant claimed efforts to keep his licensed money changer business clean, the penalty was reduced to Rs. 8,50,000/- considering the circumstances.
The appellant acquired and sold foreign currencies to Indian residents in violation of Section 3(a) of FEMA, 1999. The validity of the search and seizure conducted by the Directorate was upheld. The appellant's recorded statements, corroborated by seized documents from his residence, established his liability for unauthorized foreign exchange operations without RBI permission. Cross-examination denial did not prejudice the appellant due to independent corroborative evidence. While the appellant claimed efforts to keep his licensed money changer business clean, the penalty was reduced to Rs. 8,50,000/- considering the circumstances.
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