Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Proceedings apply the preponderance of probabilities standard in adjudicating alleged unauthorised inward remittances and breaches of duties by authorised persons; the tribunal found contraventions established by corroborative bank credit entries and TT references and upheld liability for the transfers identified. The tribunal treated FEMA and Customs inquiries as independent, so absence of Customs action did not vitiate FEMA findings. Confiscation of seized foreign currency recovered from the individual was upheld for failure to surrender within the prescribed period. The tribunal adjusted seized cash against penalty and reduced cumulative penalties on the company and individual to specified amounts, while upholding the confiscation order.
Proceedings apply the preponderance of probabilities standard in adjudicating alleged unauthorised inward remittances and breaches of duties by authorised persons; the tribunal found contraventions established by corroborative bank credit entries and TT references and upheld liability for the transfers identified. The tribunal treated FEMA and Customs inquiries as independent, so absence of Customs action did not vitiate FEMA findings. Confiscation of seized foreign currency recovered from the individual was upheld for failure to surrender within the prescribed period. The tribunal adjusted seized cash against penalty and reduced cumulative penalties on the company and individual to specified amounts, while upholding the confiscation order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
