Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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FEMA applied to unrealised export proceeds where the extended repatriation period expired while FEMA was in force; earlier FERA proceedings did not bar action on different export bills, and mere local-currency deposit abroad was not sufficient evidence of taking all reasonable steps to realise the dues. The Tribunal therefore sustained the finding of contravention. For vicarious liability, it held that Section 42 does not depend only on formal designation: a partner or person who signed bank extension letters and participated in export realisation and firm management could be held personally liable where no preventive steps were shown. Penalty on both appellants was upheld.
FEMA applied to unrealised export proceeds where the extended repatriation period expired while FEMA was in force; earlier FERA proceedings did not bar action on different export bills, and mere local-currency deposit abroad was not sufficient evidence of taking all reasonable steps to realise the dues. The Tribunal therefore sustained the finding of contravention. For vicarious liability, it held that Section 42 does not depend only on formal designation: a partner or person who signed bank extension letters and participated in export realisation and firm management could be held personally liable where no preventive steps were shown. Penalty on both appellants was upheld.
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