Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
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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