Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Prohibition on entering foreign exchange derivative contracts without prior regulatory permission is affirmed: respondent conceded online trading in prohibited derivatives and the transactions constituted contraventions of applicable derivative regulations and direction instruments, establishing liability. The opinion applies the principle that civil penalties for regulatory contraventions do not require mens rea, following precedent treating such breaches as civil obligations; penalty under the statutory scheme is therefore attractable once contravention is proved. The commentary notes mitigation: the adjudicator reduced the quantified penalty and ordered adjustment of the pre-deposit against the reduced amount.
Prohibition on entering foreign exchange derivative contracts without prior regulatory permission is affirmed: respondent conceded online trading in prohibited derivatives and the transactions constituted contraventions of applicable derivative regulations and direction instruments, establishing liability. The opinion applies the principle that civil penalties for regulatory contraventions do not require mens rea, following precedent treating such breaches as civil obligations; penalty under the statutory scheme is therefore attractable once contravention is proved. The commentary notes mitigation: the adjudicator reduced the quantified penalty and ordered adjustment of the pre-deposit against the reduced amount.
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