Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
In fraud classification proceedings under RBI Master Directions, natural justice was held to require notice, disclosure of material, an opportunity to submit a written representation, and a reasoned order, but not an oral personal hearing as of right. The Court distinguished fraud classification from wilful defaulter proceedings and upheld the regulatory process as a prompt risk-mitigation mechanism. It also held that the borrower must ordinarily be furnished the forensic audit report relevant to the proposed classification, since disclosure of the report is necessary for an effective response; only portions affecting third-party rights may be withheld for recorded reasons, with an opportunity to contest non-disclosure. The appeals were partly allowed.
In fraud classification proceedings under RBI Master Directions, natural justice was held to require notice, disclosure of material, an opportunity to submit a written representation, and a reasoned order, but not an oral personal hearing as of right. The Court distinguished fraud classification from wilful defaulter proceedings and upheld the regulatory process as a prompt risk-mitigation mechanism. It also held that the borrower must ordinarily be furnished the forensic audit report relevant to the proposed classification, since disclosure of the report is necessary for an effective response; only portions affecting third-party rights may be withheld for recorded reasons, with an opportunity to contest non-disclosure. The appeals were partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
