ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The AT upheld findings that the Appellant diverted duty-free imported silk yarn to the domestic market and exported non-declared goods, constituting contraventions of s.3(b) and s.3(d) of FEMA, and confirmed liability for both contraventions. Noting humanitarian and economic considerations, the AT reiterated an earlier waiver of the pre-deposit requirement and, on merits, reduced the cumulative penalty from Rs.12,00,000 to Rs.6,00,000, apportioned at Rs.3,00,000 for each contravention. The appeal was partly allowed to the extent of penalty reduction; all parties are anonymized and the substantive finding of misuse of 100% EOU entitlements and resultant foreign exchange ramifications was maintained.
The AT upheld findings that the Appellant diverted duty-free imported silk yarn to the domestic market and exported non-declared goods, constituting contraventions of s.3(b) and s.3(d) of FEMA, and confirmed liability for both contraventions. Noting humanitarian and economic considerations, the AT reiterated an earlier waiver of the pre-deposit requirement and, on merits, reduced the cumulative penalty from Rs.12,00,000 to Rs.6,00,000, apportioned at Rs.3,00,000 for each contravention. The appeal was partly allowed to the extent of penalty reduction; all parties are anonymized and the substantive finding of misuse of 100% EOU entitlements and resultant foreign exchange ramifications was maintained.
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