Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
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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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