Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Issue addressed: whether funds held, acquired or invested in foreign currency while being non resident attract statutory protection under FEMA when transferred after becoming resident. The text states that protection under the statutory provision applies only to legitimately sourced and explained foreign funds; unexplained or illegitimate funds fall outside protection. The appellant's uncorroborated explanation as to source and the cash, piecemeal receipt description were held determinative of contravention of the foreign exchange provisions. The author notes appellate discretion to reduce penalty and records a reduction of the monetary penalty as the operative remedial consequence.
Issue addressed: whether funds held, acquired or invested in foreign currency while being non resident attract statutory protection under FEMA when transferred after becoming resident. The text states that protection under the statutory provision applies only to legitimately sourced and explained foreign funds; unexplained or illegitimate funds fall outside protection. The appellant's uncorroborated explanation as to source and the cash, piecemeal receipt description were held determinative of contravention of the foreign exchange provisions. The author notes appellate discretion to reduce penalty and records a reduction of the monetary penalty as the operative remedial consequence.
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