Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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