Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The AT held that appellants could not escape liability for failing to realize and repatriate export proceeds totaling USD 3,93,094.63 related to seven GRs. Despite their resignation from M/s Rosecut Diamonds effective 01.09.2000, the statutory period for repatriation had expired between 02.05.2000 and 13.08.2000, prior to their departure. The tribunal rejected appellants' claims of making reasonable efforts to contact buyers, noting lack of corroborating evidence of effective steps taken to recover foreign exchange dues. The AT found appellants had contravened Sections 7 and 8 of FEMA 1999 read with Regulations 8, 9 and 13 of FEMA Regulations 2000. The penalty was reduced to Rs. 10,00,000 each, with pre-deposits of Rs. 5,00,000 to be adjusted against the reduced amounts.
The AT held that appellants could not escape liability for failing to realize and repatriate export proceeds totaling USD 3,93,094.63 related to seven GRs. Despite their resignation from M/s Rosecut Diamonds effective 01.09.2000, the statutory period for repatriation had expired between 02.05.2000 and 13.08.2000, prior to their departure. The tribunal rejected appellants' claims of making reasonable efforts to contact buyers, noting lack of corroborating evidence of effective steps taken to recover foreign exchange dues. The AT found appellants had contravened Sections 7 and 8 of FEMA 1999 read with Regulations 8, 9 and 13 of FEMA Regulations 2000. The penalty was reduced to Rs. 10,00,000 each, with pre-deposits of Rs. 5,00,000 to be adjusted against the reduced amounts.
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