Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
