Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
The AT upheld the imposition of penalty under Section 13(1) of FEMA for contravention of Section 6(3)(i) and Regulation 3(a) of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. The appellant, having purchased agricultural land in India during 2012-13 after returning to India, was held not to be a person resident in India under Section 2(v)(i) of FEMA, as he did not fulfill the requisite residential criteria in the preceding financial year. The Tribunal confirmed that mens rea is not a prerequisite for imposing penalty under FEMA, which deals with civil obligations. Considering the appellant's lawful foreign earnings and partial pre-deposit of penalty, the AT reduced the penalty from Rs. 8,00,000 to Rs. 2,00,000, directing adjustment against any pre-deposit already made.
The AT upheld the imposition of penalty under Section 13(1) of FEMA for contravention of Section 6(3)(i) and Regulation 3(a) of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. The appellant, having purchased agricultural land in India during 2012-13 after returning to India, was held not to be a person resident in India under Section 2(v)(i) of FEMA, as he did not fulfill the requisite residential criteria in the preceding financial year. The Tribunal confirmed that mens rea is not a prerequisite for imposing penalty under FEMA, which deals with civil obligations. Considering the appellant's lawful foreign earnings and partial pre-deposit of penalty, the AT reduced the penalty from Rs. 8,00,000 to Rs. 2,00,000, directing adjustment against any pre-deposit already made.
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TaxTMI 
TaxTMI 
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