Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
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.
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