Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Dominant issue: whether seized demat accounts, attached under Section 37A for alleged contravention of Section 4 of the Act of 1999, may be substituted by a fixed deposit (FD) of equivalent value to secure the claimed amount. Reasoning: seizure aimed to secure an equivalent sum; substitution by an FD equally secures the respondents' interest, is equitable, and permits the appellants to pursue compounding with the RBI; the FD remains subject to final adjudication and any compounding outcome. Outcome: seizure lifted on furnishing an FD of equivalent value, held with lien and subject to adjudication and RBI compounding results. - AT
Dominant issue: whether seized demat accounts, attached under Section 37A for alleged contravention of Section 4 of the Act of 1999, may be substituted by a fixed deposit (FD) of equivalent value to secure the claimed amount. Reasoning: seizure aimed to secure an equivalent sum; substitution by an FD equally secures the respondents' interest, is equitable, and permits the appellants to pursue compounding with the RBI; the FD remains subject to final adjudication and any compounding outcome. Outcome: seizure lifted on furnishing an FD of equivalent value, held with lien and subject to adjudication and RBI compounding results. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
