Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
