Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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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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