Tribunal affirms major penalties for widespread delays and non-reporting of NTRs, STRs, and CBWTRs. Held that systemic AML lapses cannot be excused by technical issues; strict compliance is mandatory.
The Tribunal set aside the earlier order because it had relied on the now-recalled Ganpati Dealcom judgment while excluding pre-2016 funding from scrutiny. The matter has been sent back for fresh adjudication, ensuring the Benami allegations are reconsidered on merits.
Tribunal reduces FEMA penalty from ₹30 lakh to ₹10 lakh, confirming that unauthorised netting-off of ₹1.72 crore foreign commission violated statutory repatriation rules.
The Tribunal ruled that even without direct fund transfer, deep financial and management integration justified tagging the deposits as value of proceeds of crime. The attachment was sustained as the company formed part of the same economic group.
The Court upheld provisional attachment of Rs. 1.35 crore, finding the Appellant supplied cheaper PDW while claiming reimbursement at Rail Neer rates. The loss to the government and breach of mandatory supply obligations justified the action.
The tribunal confirmed penalties against a company and responsible directors for not realizing export proceeds of Rs.36 crores, emphasizing that commercial disputes cannot override FEMA obligations.
Tribunal upheld hawala and import undervaluation violations but significantly cut penalties for Dr. Manoharan and NTPL, fully exonerating two female directors. Key takeaway: Liability depends on active involvement, not mere association.
Delhi ITAT rules that reduction in percentage shareholding due to fresh share issuance is not a transfer under Income Tax law, providing relief to minority shareholders.
ITAT held that the assessee’s long-standing change of address constituted reasonable cause for late filing and remanded the case for merit-based adjudication.
The Supreme Court held that assignment of a decree for specific performance does not create any present right or title in immovable property. Therefore, such assignment deeds do not require registration under Section 17(1)(e) of the Registration Act.
