Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Import of goods on credit was treated as a borrowing in foreign exchange because the resident importer's liability to the overseas supplier remained outstanding until remittance. The Tribunal held that Regulation 5(3) of the FEMA borrowing and lending regulations was directly attracted, and that delayed payment beyond six months without RBI approval established contravention; Regulation 3 was held technically inapplicable. The reliance on prior authority was rejected as factually distinguishable. Although contravention was upheld, the breach was treated as technical because it related to a single consignment and the full amount had already been remitted, so the penalties on the company and its directors were reduced.
Import of goods on credit was treated as a borrowing in foreign exchange because the resident importer's liability to the overseas supplier remained outstanding until remittance. The Tribunal held that Regulation 5(3) of the FEMA borrowing and lending regulations was directly attracted, and that delayed payment beyond six months without RBI approval established contravention; Regulation 3 was held technically inapplicable. The reliance on prior authority was rejected as factually distinguishable. Although contravention was upheld, the breach was treated as technical because it related to a single consignment and the full amount had already been remitted, so the penalties on the company and its directors were reduced.
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