Expenses for overseas film shooting treated as services availed outside India, so no reverse charge service tax liability; cenvat reversals and penalt...
Electricity consumptionbased clandestine production estimates under the repealed Central Excise Act found insufficient; demand quashed and appeals all...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
