Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
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 4819 
Join Channel 
