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The AT upheld FEMA violations against the appellant for misdeclaration and gross undervaluation of imported reprocessed plastic granules, finding contravention proved on preponderance of probabilities based on email evidence and witness statements. The tribunal confirmed the appellant instructed overseas suppliers to misclassify goods and understate values, utilizing third-party entities for commission-based imports. While upholding Section 3(d) violations, the AT reduced the penalty from Rs. 60,00,000 to Rs. 30,00,000, finding the original quantum excessive. The tribunal maintained Rs. 10,000 penalties for non-surrender of foreign exchange under prescribed timelines and unauthorized possession of foreign currency totaling USD 780, Malaysian Ringgit 2360, and Singapore Dollar 280, ordering confiscation of the undocumented foreign exchange under Section 13(2) FEMA.
The AT upheld FEMA violations against the appellant for misdeclaration and gross undervaluation of imported reprocessed plastic granules, finding contravention proved on preponderance of probabilities based on email evidence and witness statements. The tribunal confirmed the appellant instructed overseas suppliers to misclassify goods and understate values, utilizing third-party entities for commission-based imports. While upholding Section 3(d) violations, the AT reduced the penalty from Rs. 60,00,000 to Rs. 30,00,000, finding the original quantum excessive. The tribunal maintained Rs. 10,000 penalties for non-surrender of foreign exchange under prescribed timelines and unauthorized possession of foreign currency totaling USD 780, Malaysian Ringgit 2360, and Singapore Dollar 280, ordering confiscation of the undocumented foreign exchange under Section 13(2) FEMA.
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