Alternate statutory remedy governs GST assessment challenge, with statutory appeal preserved and limitation objection barred for the permitted filing ...
AT determined FEMA violation by NRI who purchased agricultural land in India and constructed a hotel using foreign remittances. Despite contesting the allegations, the appellants failed to provide substantial documentary evidence challenging the adjudicating authority's findings. Considering no foreign exchange loss occurred and the appellant surrendered equivalent FCNR receipts, the tribunal maintained the penalty order but significantly reduced monetary penalties: penalty against appellant company reduced from Rs. 25 lakhs to Rs. 5 lakhs, and individual penalties reduced from Rs. 1 lakh to Rs. 50,000 each, reflecting a lenient approach while upholding the fundamental violation.
AT determined FEMA violation by NRI who purchased agricultural land in India and constructed a hotel using foreign remittances. Despite contesting the allegations, the appellants failed to provide substantial documentary evidence challenging the adjudicating authority's findings. Considering no foreign exchange loss occurred and the appellant surrendered equivalent FCNR receipts, the tribunal maintained the penalty order but significantly reduced monetary penalties: penalty against appellant company reduced from Rs. 25 lakhs to Rs. 5 lakhs, and individual penalties reduced from Rs. 1 lakh to Rs. 50,000 each, reflecting a lenient approach while upholding the fundamental violation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
