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...
AT determined no penalties were imposable under FEMA, 1999 for two export transactions involving short-realization of export proceeds. For the first transaction through M.V. Vincentia, the appellant demonstrated bona fide efforts to mitigate losses and obtain RBI approval, with no mandatory requirement for penalty. In the second transaction via MV Riva, excess payment was already received, and respondents failed to substantiate claims of negligence. Consequently, penalties against the corporate entity and individual appellants were set aside, recognizing procedural compliance and absence of intentional contravention.
AT determined no penalties were imposable under FEMA, 1999 for two export transactions involving short-realization of export proceeds. For the first transaction through M.V. Vincentia, the appellant demonstrated bona fide efforts to mitigate losses and obtain RBI approval, with no mandatory requirement for penalty. In the second transaction via MV Riva, excess payment was already received, and respondents failed to substantiate claims of negligence. Consequently, penalties against the corporate entity and individual appellants were set aside, recognizing procedural compliance and absence of intentional contravention.
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