Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
AT held the appellant firm contravened s.10(6) FEMA read with para 6(1) of the 2000 Regulations by remitting foreign exchange abroad against empty containers without due diligence and by failing to take serious legal steps to recover the remittance. The firm's plea of having been cheated was accepted only to the extent of mitigating penalty, which was reduced to 25% of that imposed in the impugned order, with FDR pre-deposit, if encashable, to be adjusted towards the reduced penalty. Penalty against the deceased individual appellant, represented through legal representative, was set aside. The firm's appeal was partly allowed; the individual's appeal was allowed.
AT held the appellant firm contravened s.10(6) FEMA read with para 6(1) of the 2000 Regulations by remitting foreign exchange abroad against empty containers without due diligence and by failing to take serious legal steps to recover the remittance. The firm's plea of having been cheated was accepted only to the extent of mitigating penalty, which was reduced to 25% of that imposed in the impugned order, with FDR pre-deposit, if encashable, to be adjusted towards the reduced penalty. Penalty against the deceased individual appellant, represented through legal representative, was set aside. The firm's appeal was partly allowed; the individual's appeal was allowed.
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