Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Intermediary service classification fails where overseas admission facilitation is supplied independently, preserving export treatment and small-provi...
Satellite transponder bandwidth is telecommunication, not Business Support Service; foreign non-telegraph providers triggered no service tax liability...
Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
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The Appellate Tribunal upheld the finding that the appellant contravened Section 3(a) of FEMA in relation to unauthorised foreign exchange dealing, relying on corroborative statements, recovery of US $ 10,000 from the appellant's personal custody, and the absence of a credible explanation for possession of the currency. The plea based on educational background was rejected because the persons involved had prior money-changing experience and were expected to know the legal requirements. Liability for penalty was therefore sustained, but the Tribunal reduced the quantum of penalty in view of the facts and circumstances and directed adjustment of the pre-deposit against the reduced amount.
The Appellate Tribunal upheld the finding that the appellant contravened Section 3(a) of FEMA in relation to unauthorised foreign exchange dealing, relying on corroborative statements, recovery of US $ 10,000 from the appellant's personal custody, and the absence of a credible explanation for possession of the currency. The plea based on educational background was rejected because the persons involved had prior money-changing experience and were expected to know the legal requirements. Liability for penalty was therefore sustained, but the Tribunal reduced the quantum of penalty in view of the facts and circumstances and directed adjustment of the pre-deposit against the reduced amount.
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