Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
Fake AI-generated precedents vitiate adjudication, with unverified citations contaminating the decision-making process and undermining the rule of law...
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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.
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