Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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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