Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Foreign exchange remitted for imports had to be used for the declared overseas supplier or, if the goods were not imported, realised and repatriated; the Tribunal held that the appellant could not rely on alleged third-party adjustments or business compulsion to treat the remittance as duly utilised. It found no legal basis or RBI permission for setting off payments and refunds through separate entities, and held that Customs proceedings did not affect independent FEMA liability. The contravention under Section 10(6) of FEMA read with Regulation 6(1) was upheld, but the penalty was reduced as the quantum was moderated in the interests of justice.
Foreign exchange remitted for imports had to be used for the declared overseas supplier or, if the goods were not imported, realised and repatriated; the Tribunal held that the appellant could not rely on alleged third-party adjustments or business compulsion to treat the remittance as duly utilised. It found no legal basis or RBI permission for setting off payments and refunds through separate entities, and held that Customs proceedings did not affect independent FEMA liability. The contravention under Section 10(6) of FEMA read with Regulation 6(1) was upheld, but the penalty was reduced as the quantum was moderated in the interests of justice.
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