Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
AT partly allows the appeal of the Appellant, confirming that prior Orders corroborate evasion of customs duty and that netting-off export receivables against import payables constituted an unauthorized set-off in contravention of FEMA provisions and applicable RBI directions delegating set-off authority to AD banks (Category I). The Tribunal rejects the Appellant's characterization of the conduct as merely procedural, upholds civil liability under FEMA with penalties discretionary under Section 13(1), but exercises mitigation, reducing the penalty to Rs. 10,00,000 and directing that the Appellant's pre-deposit be adjusted against the reduced penalty. The remainder of the appeal is dismissed.
AT partly allows the appeal of the Appellant, confirming that prior Orders corroborate evasion of customs duty and that netting-off export receivables against import payables constituted an unauthorized set-off in contravention of FEMA provisions and applicable RBI directions delegating set-off authority to AD banks (Category I). The Tribunal rejects the Appellant's characterization of the conduct as merely procedural, upholds civil liability under FEMA with penalties discretionary under Section 13(1), but exercises mitigation, reducing the penalty to Rs. 10,00,000 and directing that the Appellant's pre-deposit be adjusted against the reduced penalty. The remainder of the appeal is dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
