Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
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Section 42 of FEMA creates derivative liability for partners, directors and persons in charge only where contravention by the company or firm is first established. As the earlier appellate order had already set aside the penalty and confiscation against the firm and that exoneration had attained finality, the Tribunal held that the appellant's penalty under Section 42 read with Section 3(b), 3(c) and 3(d) could not survive. The appellant's alleged acts were also treated as independent of the firm's business, reinforcing that consequential liability could not be fastened on him. The penalties were quashed and the seized amount and pre-deposit were ordered to be released.
Section 42 of FEMA creates derivative liability for partners, directors and persons in charge only where contravention by the company or firm is first established. As the earlier appellate order had already set aside the penalty and confiscation against the firm and that exoneration had attained finality, the Tribunal held that the appellant's penalty under Section 42 read with Section 3(b), 3(c) and 3(d) could not survive. The appellant's alleged acts were also treated as independent of the firm's business, reinforcing that consequential liability could not be fastened on him. The penalties were quashed and the seized amount and pre-deposit were ordered to be released.
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