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...
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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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