Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Regulation 3(2) of the FEMA (Manner of Receipt and Payment) Regulations requires export receipt in the currency appropriate to the final destination as declared by the exporter, and does not envisage payment by a third party; therefore receipts from third parties for exports made before 08.11.2013 contravened Reg.3(2) - consequence: contravention established. RBI circulars of 08.11.2013 and 04.02.2014 subsequently permitted/regulated third-party payments subject to banks' satisfaction of bona fides and FATF norms - consequence: liberalisation applies prospectively. Directors who signed commercial invoices are liable under Section 42(1) - consequence: company penalty reduced to Rs.15,00,000 and two individual penalties of Rs.3,00,000 each upheld; pre-deposits to be adjusted. - AT
Regulation 3(2) of the FEMA (Manner of Receipt and Payment) Regulations requires export receipt in the currency appropriate to the final destination as declared by the exporter, and does not envisage payment by a third party; therefore receipts from third parties for exports made before 08.11.2013 contravened Reg.3(2) - consequence: contravention established. RBI circulars of 08.11.2013 and 04.02.2014 subsequently permitted/regulated third-party payments subject to banks' satisfaction of bona fides and FATF norms - consequence: liberalisation applies prospectively. Directors who signed commercial invoices are liable under Section 42(1) - consequence: company penalty reduced to Rs.15,00,000 and two individual penalties of Rs.3,00,000 each upheld; pre-deposits to be adjusted. - AT
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TaxTMI 
TaxTMI 
of 4918 
