Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The text addresses personal liability for corporate contraventions under Section 42(1) of FEMA, holding that a company officer who actively participated in transactions and admitted involvement by statements under Section 37 may be held personally liable. It states that mens rea is not required for imposition of civil penalties under FEMA, treating such breaches as civil obligations attracting penalty irrespective of guilty intention. It also emphasises proportionality in penalty quantum, records reduction of the imposed penalty on that basis, and directs adjustment of any pre-deposit against the reduced amount.
The text addresses personal liability for corporate contraventions under Section 42(1) of FEMA, holding that a company officer who actively participated in transactions and admitted involvement by statements under Section 37 may be held personally liable. It states that mens rea is not required for imposition of civil penalties under FEMA, treating such breaches as civil obligations attracting penalty irrespective of guilty intention. It also emphasises proportionality in penalty quantum, records reduction of the imposed penalty on that basis, and directs adjustment of any pre-deposit against the reduced amount.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
