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2018 (11) TMI 851 - Commission - Indian LawsAnti-competitive practice of mandating a No-Objection Certificate prior to the appointment of stockists in the State of Gujarat - monetary penalties imposed on the erring associations and pharmaceutical companies - Held that:- Monetary penalties have been levied upon them at the rate of 10% (in case of office bearers of the erring associations) and 1% (in case of officials of the erring pharmaceutical companies) of their respective average incomes, based on the income tax returns (ITRs) for the three previous years as filed by them - In terms of Section 27 read with Section 48 of the Act, the Commission deems it appropriate to calculate penalties on the four individuals named supra, at the rate of 1% of their respective incomes based on their income tax returns (ITRs) for three years. The Commission is of the view that benefit of these mitigating factors also need to be extended qua its officials, namely Shri Srinivasa Reddy and Shri Bharat Pandya, and accordingly, they also deserve a remission in their respective penalties by 40%. Application disposed off.
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