Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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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