Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
The AT upheld the adjudication order regarding contravention of Section 5 of FEMA read with Rule 4 of FEMA (Current Account Transactions) Rules, 2000, for remitting royalty to overseas parties exceeding permissible limit of 5% on local sales. The respondents had filed CST returns and respective State Level Sales Tax Returns disclosing actual sale price for taxation purpose, duly considered by the adjudicating authority. The AT held that sale price only relates to consideration for transferring property in goods without abatement except as provided, rejecting the appellant's reliance on a case pertaining to calculation of net income and not net sale price. The AT was not convinced by the appellant's submissions in view of its observations.
The AT upheld the adjudication order regarding contravention of Section 5 of FEMA read with Rule 4 of FEMA (Current Account Transactions) Rules, 2000, for remitting royalty to overseas parties exceeding permissible limit of 5% on local sales. The respondents had filed CST returns and respective State Level Sales Tax Returns disclosing actual sale price for taxation purpose, duly considered by the adjudicating authority. The AT held that sale price only relates to consideration for transferring property in goods without abatement except as provided, rejecting the appellant's reliance on a case pertaining to calculation of net income and not net sale price. The AT was not convinced by the appellant's submissions in view of its observations.
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