Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Delay in issuing the show cause notice did not defeat the FEMA contravention claim because the company had been alerted early and still failed to produce exchange control copies, bills of entry, or any other proof that goods were imported against the remittances. The Tribunal therefore sustained the finding of contravention of Section 10(6) read with Regulation 6(1), distinguishing authorities relied on by the appellants on their facts. It also upheld separate liability of the Managing Director under Section 42, since he was responsible for the company's business and showed no due diligence to prevent the breach. The penalties on both appellants were, however, reduced as excessive.
Delay in issuing the show cause notice did not defeat the FEMA contravention claim because the company had been alerted early and still failed to produce exchange control copies, bills of entry, or any other proof that goods were imported against the remittances. The Tribunal therefore sustained the finding of contravention of Section 10(6) read with Regulation 6(1), distinguishing authorities relied on by the appellants on their facts. It also upheld separate liability of the Managing Director under Section 42, since he was responsible for the company's business and showed no due diligence to prevent the breach. The penalties on both appellants were, however, reduced as excessive.
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