Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
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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