Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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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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