Appeal dismissed: petitioner denied ITC for electricity used in township maintenance as residential supply; Explanation 1(d) prospective under s.2(17)...
Registration under section 12AA granted where substantive charitable objects for ex-servicemen, incidental commercial activity permitted and profits a...
The AT affirms that the Appellant company committed contraventions of FEMA/regulatory provisions relating to foreign inward remittances, reporting and FLA filing obligations and timing of share issue; mens rea, bona fides or absence of quantifiable foreign exchange loss do not absolve liability under FEMA, which is compliance-oriented and penalizes the sum involved in the contravention. The Tribunal rejects delay/limitation objections and concurs with the Respondent that the quantum of the "sum involved" was correctly quantified. In view of the nature and continuity of the contraventions, however, the AT directs the adjudicating authority to substantially reduce the monetary penalty imposed on the company while upholding liability.
The AT affirms that the Appellant company committed contraventions of FEMA/regulatory provisions relating to foreign inward remittances, reporting and FLA filing obligations and timing of share issue; mens rea, bona fides or absence of quantifiable foreign exchange loss do not absolve liability under FEMA, which is compliance-oriented and penalizes the sum involved in the contravention. The Tribunal rejects delay/limitation objections and concurs with the Respondent that the quantum of the "sum involved" was correctly quantified. In view of the nature and continuity of the contraventions, however, the AT directs the adjudicating authority to substantially reduce the monetary penalty imposed on the company while upholding liability.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
