Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Round tripping via two wholly owned overseas subsidiaries was held to contravene the prohibition on unauthorised foreign exchange transactions where subsidiaries were used to obtain foreign borrowings and reinvest in Indian group companies rather than to carry on bona fide overseas business; the statutory outward investment regime permits overseas JV/WOS only where bona fide activity exists and Regulation 7 safeguards for financial service entities were circumvented, so the transactions breached the applicable FEMA transfer/issue regulations. The adjudicating authority's reliance on RBI observations was upheld as accompanied by independent analysis, and penalties were sustained.
Round tripping via two wholly owned overseas subsidiaries was held to contravene the prohibition on unauthorised foreign exchange transactions where subsidiaries were used to obtain foreign borrowings and reinvest in Indian group companies rather than to carry on bona fide overseas business; the statutory outward investment regime permits overseas JV/WOS only where bona fide activity exists and Regulation 7 safeguards for financial service entities were circumvented, so the transactions breached the applicable FEMA transfer/issue regulations. The adjudicating authority's reliance on RBI observations was upheld as accompanied by independent analysis, and penalties were sustained.
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