Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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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