Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Receipt of foreign currency through a non-banking channel was admitted to have accrued on 16.07.2007 and not repatriated/surrendered within 180 days, constituting contravention of Section 3(a) and Section 4 of the Act of 1999 and Section 8 read with Regulations 3 and 7 of the 2000 Regulations; the penalty was therefore sustained but reduced proportionately considering the amount involved in Singapore Dollars, with adjustment of any pre-deposit. Separately, confiscation of the seized cash was set aside because there was no finding that the cash was used or involved in any hawala transaction or other contravention, and mere possession without nexus to a violation did not justify confiscation. - AT
Receipt of foreign currency through a non-banking channel was admitted to have accrued on 16.07.2007 and not repatriated/surrendered within 180 days, constituting contravention of Section 3(a) and Section 4 of the Act of 1999 and Section 8 read with Regulations 3 and 7 of the 2000 Regulations; the penalty was therefore sustained but reduced proportionately considering the amount involved in Singapore Dollars, with adjustment of any pre-deposit. Separately, confiscation of the seized cash was set aside because there was no finding that the cash was used or involved in any hawala transaction or other contravention, and mere possession without nexus to a violation did not justify confiscation. - AT
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