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...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
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Delayed reporting of Form FC-GPR under FEMA was treated as non-establishment of contravention where the record showed timely submission to the authorised dealer with acknowledgment, and the later delay in transmission to RBI was attributable to the bank's lapse. As no legal requirement for direct filing with RBI was identified, the burden to prove breach was not discharged against the appellant. The alleged violation of Section 6(3)(b) read with the applicable FEMA regulations was therefore not proved, the penalty was set aside, and refund of the pre-deposit was directed.
Delayed reporting of Form FC-GPR under FEMA was treated as non-establishment of contravention where the record showed timely submission to the authorised dealer with acknowledgment, and the later delay in transmission to RBI was attributable to the bank's lapse. As no legal requirement for direct filing with RBI was identified, the burden to prove breach was not discharged against the appellant. The alleged violation of Section 6(3)(b) read with the applicable FEMA regulations was therefore not proved, the penalty was set aside, and refund of the pre-deposit was directed.
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