Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Tribunal found contraventions of FEMA where spiral-pad entries, WhatsApp chats and voluntary statements jointly corroborated that INR cash payments in India were made for or on behalf of persons resident outside India, establishing dealing in foreign exchange. The phrase "in any manner" was read to include payments to local agents acting for foreign principals, and Regulation 6(2)(ii) was held inapplicable because payments were made outside authorised banking channels. The director was held liable as person in charge, and the Tribunal reduced penalties for lack of reasoned quantification, applying proportionality in exercise of penalty discretion.
Tribunal found contraventions of FEMA where spiral-pad entries, WhatsApp chats and voluntary statements jointly corroborated that INR cash payments in India were made for or on behalf of persons resident outside India, establishing dealing in foreign exchange. The phrase "in any manner" was read to include payments to local agents acting for foreign principals, and Regulation 6(2)(ii) was held inapplicable because payments were made outside authorised banking channels. The director was held liable as person in charge, and the Tribunal reduced penalties for lack of reasoned quantification, applying proportionality in exercise of penalty discretion.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
