Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
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Proceedings under FEMA were not barred by Section 127J of the Customs Act because FEMA is a self-contained code and action could rest on independent evidence, but the Commissioner's reliance on hearsay statements was unsustainable. The Tribunal found that the overseas commission was paid by the foreign buyer to an overseas agent, not by the exporter, and there was no material that the exporter was liable to pay it or had claimed it in export documents. On that factual basis, the amount was neither part of the export value nor foreign exchange due or accrued to the exporter, so no contravention of FEMA, the RBI circular, or the export regulations was made out. Penalties were set aside.
Proceedings under FEMA were not barred by Section 127J of the Customs Act because FEMA is a self-contained code and action could rest on independent evidence, but the Commissioner's reliance on hearsay statements was unsustainable. The Tribunal found that the overseas commission was paid by the foreign buyer to an overseas agent, not by the exporter, and there was no material that the exporter was liable to pay it or had claimed it in export documents. On that factual basis, the amount was neither part of the export value nor foreign exchange due or accrued to the exporter, so no contravention of FEMA, the RBI circular, or the export regulations was made out. Penalties were set aside.
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