Tax Management India. Com
        A knowledge portal that keeps us updated ...
TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals News SMS Articles Highlights
        Home        
 
← Previous Next →
  • Contents

 

User Login
Username  
Password  
Stay sign in     

Forget password        New User/ Regiser

 

Our database contains Statutory Provisions, Notifications, Circulars / Trade Notices, Forms, Tariff, Schedules etc. and case laws on various topics.

Topics Covered by us: Income Tax, DTAA, Wealth Tax and Other Direct Tax related Provisions, Benami Transactions, Money-Laundering (PMLA), Goods and Services Tax (CGST, IGST, UTGST, SGST, Cess, etc.), Customs, FEMA, SEZ and FTP, Companies Law, Insolvency & Bankruptcy, etc., Finance Acts, Finance Bills and Others and Service Tax, Central Excise, Cenvat Credit, CST etc.

Note: Statutory Provisions, Notifications, Tariff Tables etc. are being updated from time to incorporate latest amendments.

Large number case laws include cases from Supreme Court, High Courts, Tribunals, Advance Rulings Authority related to various laws including, Direct Taxes, Indirect Taxes and corporate laws (including GST cases for all the States) are being updated on daily basis. Forward linking and Backward linking of cases laws (i.e. cited case laws, referred case laws) is also being done for quick reference.

Landmark cases / Importance cases which has been referred in another cases are also being updated on daily basis for quick reference and use.

Additional Features: we also provide subscription free services such as Discussion Forum, Articles, News, Highlights of important update etc.

We strive continuously to provide latest and updated information.

With TMI updates, keep yourself ahead of Peers.

Click here to know about the Packages

 

2016 (2) TMI 1107

Head Note / Extract:
Contravention under Section 8 of FEMA, 1999 - liable for the acts or omissions committed by company representative - Held that:- Since the appellant Ole Peter Tollefson has not filed any proof that he actually secured loan from bank in Spain therefore in view of the admission of the execution of the disputed invoice by the appellant, no other inference except that it related to export of building material can be inferred. The appellant company will thus be legally liable for the acts or omissions committed by its representative who happens to be its director and practically all in all in the company. No interference in the findings of the Adjudicating Authority in respect of liability of the appellant company and appellant Ole Peter Tollefson is warranted. Thus it is of the view that the penalty imposed against the appellant company appears to be on the higher side therefore it will be just, fair and proper if the penalty upon the appellant company is reduced to ₹ 4 lakhs instead of ₹ 6 lakhs while maintaining the penalty of ₹ 1.20 lakhs against the appellant Ole Peter Tollefson.

In view of the above, the appeal is dismissed in respect of findings of contravention under Section 8 of FEMA, 1999 r/w relevant regulations and the order of the Adjudicating Authority is affirmed in this respect, however the amount of penalty imposed against appellant company is modified and reduced to ₹ 4 lakhs from ₹ 6 lakhs as has been imposed vide the adjudication order. The amount of penalty imposed against the appellant Ole Peter Tollefson is maintained. It has been informed that total penalty imposed by the Adjudicating Authority has been deposited by the appellants with the Enforcement Directorate. After the expiry of the period of appeal, the surplus amount of ₹ 2 lakhs shall be refunded to the appellant company. Copies of the judgment be sent to both the parties.

 


← Previous Next →

 

 

 

Discussion Forum
what is new what is new
 

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.