Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
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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