Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
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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