Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Abetment under FERA was found where multiple retracted statements, corroborated by documentary bank evidence and witness admissions, showed the appellant provided funds to effect foreign remittances, establishing intention and a meeting of minds with the recipient. The tribunal applied principles on admissibility of retracted confessions and invoked the statutory presumption of culpable mental state, shifting the burden to the appellant who failed to rebut it. Consequently the charge of abetment under Section 64(2) read with Sections 8(3) and 8(4) of FERA was upheld and the administrative penalty was reduced to Rs. 10,00,000.
Abetment under FERA was found where multiple retracted statements, corroborated by documentary bank evidence and witness admissions, showed the appellant provided funds to effect foreign remittances, establishing intention and a meeting of minds with the recipient. The tribunal applied principles on admissibility of retracted confessions and invoked the statutory presumption of culpable mental state, shifting the burden to the appellant who failed to rebut it. Consequently the charge of abetment under Section 64(2) read with Sections 8(3) and 8(4) of FERA was upheld and the administrative penalty was reduced to Rs. 10,00,000.
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