Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Ex-post-facto approval by the competent authority regularized prior failure to obtain prior RBI approval for the share transfer, nullifying contraventions under the FEMA transfer/issue regulations as against the two appellants - penalties imposed on those appellants are set aside. Separately, on the distinct issue of alleged contravention of Section 3(c) of FEMA, the appellant failed to establish lawful source of funds; the ex-post-facto approval did not relieve compliance with other FEMA conditions, therefore the penalty for the Section 3(c) breach is sustained against that appellant. The pre-deposit previously directed shall be adjusted against the upheld penalty. - AT
Ex-post-facto approval by the competent authority regularized prior failure to obtain prior RBI approval for the share transfer, nullifying contraventions under the FEMA transfer/issue regulations as against the two appellants - penalties imposed on those appellants are set aside. Separately, on the distinct issue of alleged contravention of Section 3(c) of FEMA, the appellant failed to establish lawful source of funds; the ex-post-facto approval did not relieve compliance with other FEMA conditions, therefore the penalty for the Section 3(c) breach is sustained against that appellant. The pre-deposit previously directed shall be adjusted against the upheld penalty. - AT
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