Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
