Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Adjudicatory discretion to fix penalty under Section 13(1) of FEMA permits assessment up to a statutory maximum but does not mandate a minimum; therefore the adjudicator may impose a reduced, reasoned penalty. The Tribunal upheld the Adjudicating Authority's objectively reasoned exercise of discretion, noting the imposed penalty was substantially below the statutory cap and that practical factors - including the respondents' inability to comply with pre-deposit directions and non realisation of penalty - made appellate enhancement unwarranted. Consequently the appeal for enhancement was dismissed and the existing quantum left undisturbed.
Adjudicatory discretion to fix penalty under Section 13(1) of FEMA permits assessment up to a statutory maximum but does not mandate a minimum; therefore the adjudicator may impose a reduced, reasoned penalty. The Tribunal upheld the Adjudicating Authority's objectively reasoned exercise of discretion, noting the imposed penalty was substantially below the statutory cap and that practical factors - including the respondents' inability to comply with pre-deposit directions and non realisation of penalty - made appellate enhancement unwarranted. Consequently the appeal for enhancement was dismissed and the existing quantum left undisturbed.
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