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...
Penalty under section 271(1)(c) was examined issue-wise against the assessee's claims in transfer pricing, GDR expenses, MODVAT expenses, foreign exchange derivative losses, PF and ESIC, foreign exchange gain, and TDS reconciliation differences. The Tribunal treated claims already rejected in quantum proceedings, or unsupported by evidence, as lacking bona fide and upheld penalty where the assessee failed to show good faith, due diligence, or full disclosure. It found the foreign exchange derivative loss to be a bona fide business deduction claim and deleted the linked penalty because the underlying quantum disallowance had not survived. The appeal was thus partly allowed for statistical purposes, with one remanded penalty issue for fresh consideration.
Penalty under section 271(1)(c) was examined issue-wise against the assessee's claims in transfer pricing, GDR expenses, MODVAT expenses, foreign exchange derivative losses, PF and ESIC, foreign exchange gain, and TDS reconciliation differences. The Tribunal treated claims already rejected in quantum proceedings, or unsupported by evidence, as lacking bona fide and upheld penalty where the assessee failed to show good faith, due diligence, or full disclosure. It found the foreign exchange derivative loss to be a bona fide business deduction claim and deleted the linked penalty because the underlying quantum disallowance had not survived. The appeal was thus partly allowed for statistical purposes, with one remanded penalty issue for fresh consideration.
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