Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Page of 4805
Press 'Enter' after typing page number.
5321 to 5340 of 96100 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Under FEMA, pre-deposit of penalty is the rule and waiver is an exception available only on proof of undue hardship, with protective conditions for recovery. The Tribunal had already exercised that discretion by granting substantial relief, and the High Court found no clear prima facie case for total waiver, as the petitioners' own case showed awareness that the remittances attracted FEMA. It also held that no perversity, unreasonableness or non-application of mind was shown in the hardship assessment, and that supervisory jurisdiction under Article 227 cannot be used to reappreciate the Tribunal's discretion. The Tribunal's order was therefore upheld in principle, with only the immediate cash pre-deposit reduced to 5% and the balance to be secured by bank guarantee or surety.
Under FEMA, pre-deposit of penalty is the rule and waiver is an exception available only on proof of undue hardship, with protective conditions for recovery. The Tribunal had already exercised that discretion by granting substantial relief, and the High Court found no clear prima facie case for total waiver, as the petitioners' own case showed awareness that the remittances attracted FEMA. It also held that no perversity, unreasonableness or non-application of mind was shown in the hardship assessment, and that supervisory jurisdiction under Article 227 cannot be used to reappreciate the Tribunal's discretion. The Tribunal's order was therefore upheld in principle, with only the immediate cash pre-deposit reduced to 5% and the balance to be secured by bank guarantee or surety.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
