Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The AT partly allowed the appeal, upholding the findings of violations relating to absence of NISM certification of a director, delay in processing duplicate share certificates, and delay in transmission of securities, constituting contraventions of applicable SEBI regulations and circulars, thereby attracting liability under s.15HB of the SEBI Act. However, taking into account that the concerned director was 75 years old, plausibly not technologically adept, and that the other procedural lapses occurred during the Covid period, the AT held that the original monetary penalty was excessive. In exercise of appellate discretion, the AT reduced the penalty to Rs. 2,00,000, holding this sufficient to meet the ends of justice. All other directions and findings in the impugned order were affirmed. No order as to costs.
The AT partly allowed the appeal, upholding the findings of violations relating to absence of NISM certification of a director, delay in processing duplicate share certificates, and delay in transmission of securities, constituting contraventions of applicable SEBI regulations and circulars, thereby attracting liability under s.15HB of the SEBI Act. However, taking into account that the concerned director was 75 years old, plausibly not technologically adept, and that the other procedural lapses occurred during the Covid period, the AT held that the original monetary penalty was excessive. In exercise of appellate discretion, the AT reduced the penalty to Rs. 2,00,000, holding this sufficient to meet the ends of justice. All other directions and findings in the impugned order were affirmed. No order as to costs.
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