Imported cement concessional duty exemption under Notification 4/2006 challenged over RSP misdeclaration; demand, interest and s.114A penalty set asid...
Body-worn camera recordings for Customs baggage checks: new SOP mandates full passenger-interaction capture, secure storage, privacy safeguards, stric...
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 It further held that FERA had been repealed prior to the approval and, under FEMA, no RBI permission was required for such allotment; the "sunset" contention therefore did not arise.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 It further held that FERA had been repealed prior to the approval and, under FEMA, no RBI permission was required for such allotment; the "sunset" contention therefore did not arise.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 
of 4817 
Join Channel 
