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 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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