Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
