Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Appellant company contravened Section 8(1) of Foreign Exchange Regulation Act, 1973 by acquiring and transferring foreign exchange of US$ 28,26,433.26 without requisite permission, and borrowing foreign exchange of US$ 3,33,025 and lb7,068.38. AT upheld findings of violation, reduced penalty on company to 25% already deposited considering case's antiquity and facts. However, AT set aside penalty on Mr. Ishaat Hussain finding no evidence of his involvement in company's affairs regarding aircraft purchase.
Appellant company contravened Section 8(1) of Foreign Exchange Regulation Act, 1973 by acquiring and transferring foreign exchange of US$ 28,26,433.26 without requisite permission, and borrowing foreign exchange of US$ 3,33,025 and lb7,068.38. AT upheld findings of violation, reduced penalty on company to 25% already deposited considering case's antiquity and facts. However, AT set aside penalty on Mr. Ishaat Hussain finding no evidence of his involvement in company's affairs regarding aircraft purchase.
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