Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Funds remitted by a non-resident investor were treated as investment on repatriation basis because no shares were allotted, part of the money was remitted back, and the company's own records and filings supported that characterisation; Regulation 5(1) therefore applied, not the non-repatriation scheme. Once that position was established, failure to intimate RBI, issue shares, or refund within the prescribed period constituted contraventions under FEMA. The managing director was also liable under the person-in-charge provision because the transactions were directly linked to him and he showed no lack of knowledge or due diligence. Penalty followed despite absence of mens rea, cross-examination was properly refused for want of prejudice, and only the quantum of penalty was reduced.
Funds remitted by a non-resident investor were treated as investment on repatriation basis because no shares were allotted, part of the money was remitted back, and the company's own records and filings supported that characterisation; Regulation 5(1) therefore applied, not the non-repatriation scheme. Once that position was established, failure to intimate RBI, issue shares, or refund within the prescribed period constituted contraventions under FEMA. The managing director was also liable under the person-in-charge provision because the transactions were directly linked to him and he showed no lack of knowledge or due diligence. Penalty followed despite absence of mens rea, cross-examination was properly refused for want of prejudice, and only the quantum of penalty was reduced.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
