Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Extension of Customs Act jurisdiction to the Exclusive Economic Zone was applied to fish exports, requiring compliance with FEMA and its regulations; consignments transferred via an intermediary did not avoid this obligation, and contravention of the priorapproval requirement for deductions under Regulation 14C was held established. The appellants invoked lex non cogit ad impossibilia for regulatory impossibility; the tribunal noted the penalty provision lacks a mens rea requirement. Penalties were reduced in quantum as a matter of proportionality, with corporate and individual fines recalibrated and predeposits adjusted; appeals were partly allowed accordingly.
Extension of Customs Act jurisdiction to the Exclusive Economic Zone was applied to fish exports, requiring compliance with FEMA and its regulations; consignments transferred via an intermediary did not avoid this obligation, and contravention of the priorapproval requirement for deductions under Regulation 14C was held established. The appellants invoked lex non cogit ad impossibilia for regulatory impossibility; the tribunal noted the penalty provision lacks a mens rea requirement. Penalties were reduced in quantum as a matter of proportionality, with corporate and individual fines recalibrated and predeposits adjusted; appeals were partly allowed accordingly.
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