International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
AT held that under Contravention-I the appellant's remittances and subsequent investment in shares of an overseas company were compliant with LRS and the relevant RBI Master Circular, as the amount invested was within the prescribed limit and constituted permissible capital investment; no FEMA contravention was made out on this count. However, in respect of Contraventions II and III, AT upheld the findings of the Adjudicating Authority that extending loans in foreign exchange to foreign companies by a resident individual without prior RBI approval is not permitted under Section 6(2) FEMA, related Regulations or LRS. Penalties imposed were found proportionate; no interference or enhancement was warranted. Appeals were dismissed.
AT held that under Contravention-I the appellant's remittances and subsequent investment in shares of an overseas company were compliant with LRS and the relevant RBI Master Circular, as the amount invested was within the prescribed limit and constituted permissible capital investment; no FEMA contravention was made out on this count. However, in respect of Contraventions II and III, AT upheld the findings of the Adjudicating Authority that extending loans in foreign exchange to foreign companies by a resident individual without prior RBI approval is not permitted under Section 6(2) FEMA, related Regulations or LRS. Penalties imposed were found proportionate; no interference or enhancement was warranted. Appeals were dismissed.
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