Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Whether RBI's permission for allotment of shares to a non-resident against import of second-hand capital goods was legally infirm, including on an alleged FERA violation, was the dominant issue. The court held that the investment involved direct payment by the non-resident for imported machinery, with no foreign-exchange outflow by the company, and was expressly permissible on a non-repatriable basis under the applicable government directive; hence RBI's approval was valid. It further held that FERA had been repealed prior to the approval and, under FEMA, no RBI permission was required for such allotment; the "sunset" contention therefore did not arise. The intra-court appeal was dismissed - HC
Whether RBI's permission for allotment of shares to a non-resident against import of second-hand capital goods was legally infirm, including on an alleged FERA violation, was the dominant issue. The court held that the investment involved direct payment by the non-resident for imported machinery, with no foreign-exchange outflow by the company, and was expressly permissible on a non-repatriable basis under the applicable government directive; hence RBI's approval was valid. It further held that FERA had been repealed prior to the approval and, under FEMA, no RBI permission was required for such allotment; the "sunset" contention therefore did not arise. The intra-court appeal was dismissed - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
