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 held that contravention of Section 6(3)(i) of FEMA is a civil breach not requiring mens rea and attracts penalty under Section 13(1) with discretionary confiscation under Section 13(2). Noting the statutory omission took effect later and that the RBI notification preserved applicability, the Tribunal found the original penalty and confiscation disproportionate. The Tribunal reduced the pecuniary penalty from Rs.15,00,000 to Rs.7,50,000 (already pre-deposited) and set aside the order of confiscation of the appellant's agricultural land. The appeal was disposed of accordingly.
The AT held that contravention of Section 6(3)(i) of FEMA is a civil breach not requiring mens rea and attracts penalty under Section 13(1) with discretionary confiscation under Section 13(2). Noting the statutory omission took effect later and that the RBI notification preserved applicability, the Tribunal found the original penalty and confiscation disproportionate. The Tribunal reduced the pecuniary penalty from Rs.15,00,000 to Rs.7,50,000 (already pre-deposited) and set aside the order of confiscation of the appellant's agricultural land. The appeal was disposed of accordingly.
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