Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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 4826 
Join Channel 
