Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
The dominant issue was whether the service agreements between regulated lenders and fintech service providers constituted proceeds of scheduled offences and unlawful outsourcing of core banking functions. The tribunal found that the co-lending structure, disguised as "performance guarantees" and revenue-sharing (service fees/minimum commitments), yielded guaranteed returns to lenders without capital deployment, and effectively outsourced core lending activities (loan sanctioning, KYC compliance and borrower management) in breach of RBI master directions; misuse of borrower data facilitated offences under IPC and IT Act. Consequence: contractual arrangements were treated as tainted and the appeal was dismissed. - AT
The dominant issue was whether the service agreements between regulated lenders and fintech service providers constituted proceeds of scheduled offences and unlawful outsourcing of core banking functions. The tribunal found that the co-lending structure, disguised as "performance guarantees" and revenue-sharing (service fees/minimum commitments), yielded guaranteed returns to lenders without capital deployment, and effectively outsourced core lending activities (loan sanctioning, KYC compliance and borrower management) in breach of RBI master directions; misuse of borrower data facilitated offences under IPC and IT Act. Consequence: contractual arrangements were treated as tainted and the appeal was dismissed. - AT
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