Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
HC reduced penalty from Rs. 17.10 lakhs to Rs. 10,000 for a SEZ unit's failure to achieve positive Net Foreign Exchange Earnings (NFE) in 2008-09. The unit's inability was attributed to severe weather conditions causing damage to export goods. The court considered that the unit subsequently achieved positive NFE in 2011-12 and maintained compliance over the five-year block period (2005-06 to 2009-10). Under Rule 54(2) of SEZ Rules and FTDR Act, the court deemed the original penalty excessive, noting the temporary nature of the breach and valid explanations provided. The token penalty reflects a proportionate response to the technical violation while acknowledging the unit's overall compliance and mitigating circumstances.
HC reduced penalty from Rs. 17.10 lakhs to Rs. 10,000 for a SEZ unit's failure to achieve positive Net Foreign Exchange Earnings (NFE) in 2008-09. The unit's inability was attributed to severe weather conditions causing damage to export goods. The court considered that the unit subsequently achieved positive NFE in 2011-12 and maintained compliance over the five-year block period (2005-06 to 2009-10). Under Rule 54(2) of SEZ Rules and FTDR Act, the court deemed the original penalty excessive, noting the temporary nature of the breach and valid explanations provided. The token penalty reflects a proportionate response to the technical violation while acknowledging the unit's overall compliance and mitigating circumstances.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
