Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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.
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