Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Exclusion of limitation period: pandemic suspension plus debtor acknowledgement can extend limitation, requiring fresh factfinding on guarantee invoca...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
