Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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.
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