Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Vicarious liability under FEMA was sustained against the company and its managing director because the Managing Director's position supported attribution of the contravention, while the other two directors were treated as sleeping directors not involved in day-to-day affairs or signing the import documents, so they were not liable under Section 3(b) read with Section 42. On penalty, the Tribunal held that Section 13(1) prescribes only the maximum limit and leaves quantum to judicial discretion; considering mitigating circumstances and the pre-deposit already made through FDRs, it reduced the penalty on the company and its managing director to that extent, with accrued interest.
Vicarious liability under FEMA was sustained against the company and its managing director because the Managing Director's position supported attribution of the contravention, while the other two directors were treated as sleeping directors not involved in day-to-day affairs or signing the import documents, so they were not liable under Section 3(b) read with Section 42. On penalty, the Tribunal held that Section 13(1) prescribes only the maximum limit and leaves quantum to judicial discretion; considering mitigating circumstances and the pre-deposit already made through FDRs, it reduced the penalty on the company and its managing director to that extent, with accrued interest.
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