Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The AT affirmed findings that extensive multi-statute investigations, including DRI seizures and electronic material, established contraventions of Section 3(b) of FEMA by the principal operative and the corporate appellant for hawala-based under-valuation of imports; retracted statements were rejected and electronic records admitted under FEMA s.39. Penalties were mitigated: individual liable reduced to Rs.2,000,000 (pre-deposit adjusted) and corporate appellant to Rs.1,500,000. Two director appellants were exonerated and held not liable under Section 42 of FEMA. Appeals by the principal and the corporate appellant were partly allowed; appeals by the two directors were allowed in full. Pending applications disposed of accordingly.
The AT affirmed findings that extensive multi-statute investigations, including DRI seizures and electronic material, established contraventions of Section 3(b) of FEMA by the principal operative and the corporate appellant for hawala-based under-valuation of imports; retracted statements were rejected and electronic records admitted under FEMA s.39. Penalties were mitigated: individual liable reduced to Rs.2,000,000 (pre-deposit adjusted) and corporate appellant to Rs.1,500,000. Two director appellants were exonerated and held not liable under Section 42 of FEMA. Appeals by the principal and the corporate appellant were partly allowed; appeals by the two directors were allowed in full. Pending applications disposed of accordingly.
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