Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Receipt of a cheque drawn on an NRE account in Indian currency, without any dealing in foreign exchange or unauthorised conversion, did not amount to a contravention under FERA. The Court held that Section 8(1) applies only where there is acquisition, borrowing, transfer, lending or exchange of foreign exchange otherwise than through an authorised dealer, and that neither the cheque nor the admitted facts satisfied that description. Section 8(2) also did not apply because there was no transaction converting Indian currency into foreign currency, or vice versa, at an unauthorised rate. The penalty was therefore unsustainable, and the objection based on alleged suppression of an earlier prima facie criminal order was rejected.
Receipt of a cheque drawn on an NRE account in Indian currency, without any dealing in foreign exchange or unauthorised conversion, did not amount to a contravention under FERA. The Court held that Section 8(1) applies only where there is acquisition, borrowing, transfer, lending or exchange of foreign exchange otherwise than through an authorised dealer, and that neither the cheque nor the admitted facts satisfied that description. Section 8(2) also did not apply because there was no transaction converting Indian currency into foreign currency, or vice versa, at an unauthorised rate. The penalty was therefore unsustainable, and the objection based on alleged suppression of an earlier prima facie criminal order was rejected.
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