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 contravention of FEMA provisions by the appellant company regarding non-realization of export proceeds and delayed outward remittance of import bills. Based on the AD Bank's latest report, the unrealized export proceeds amount to approximately Rs. 1.27 crores and disputed outward remittance ranges between Rs. 40 lakhs and Rs. 1.50 crores due to non-issuance of NOCs. Considering the delay in issuance of the show cause notice and difficulties faced by the appellant in producing documents, the Tribunal imposed a consolidated penalty of Rs. 80 lakhs on the company, reflecting a proportionate response to the violations. However, the penalty imposed on the Director was set aside, as he was not holding office during the relevant period and thus cannot be held liable for the alleged contraventions.
The AT upheld the contravention of FEMA provisions by the appellant company regarding non-realization of export proceeds and delayed outward remittance of import bills. Based on the AD Bank's latest report, the unrealized export proceeds amount to approximately Rs. 1.27 crores and disputed outward remittance ranges between Rs. 40 lakhs and Rs. 1.50 crores due to non-issuance of NOCs. Considering the delay in issuance of the show cause notice and difficulties faced by the appellant in producing documents, the Tribunal imposed a consolidated penalty of Rs. 80 lakhs on the company, reflecting a proportionate response to the violations. However, the penalty imposed on the Director was set aside, as he was not holding office during the relevant period and thus cannot be held liable for the alleged contraventions.
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TaxTMI 
TaxTMI 
of 4918 
