Category: Supreme Court

Appeals against order of FERA prior 01.06.2000 lie before Appellate Tribunal FEMA- SC

Appellate forum for appeals against order u/s 51 of FERA whether filed prior or after 01.06.2000 is Appellate Tribunal under FEMA – SC ABCAUS Case Law Citation:ABCAUS 2759 (2019) (01) SC The Foreign Exchange Regulation Act, 1973 (FERA) was repealed with effect from 01.06.2000 and replaced by Foreign Exchange Management  Act,  1999 (FEMA). The issue involved in this case was …

Acceptance of loans by journal entries not violates section 269SS – SLP dismissed

Acceptance of loans by passing journal entries in books of accounts not in violation of section 269SS hence no penalty u/s 271D imposable – SC dismisses SLP of  ITD ABCAUS Case Law Citation: ABCAUS 2735 (2019) (01) SC Important Case Laws Cited/relied upon: Commissioner of Income Tax Vs. Triumph International Finance (I) Ltd. Premier Breweries Ltd. Vs. Commissioner of  Income Tax, 372 ITR 180. Commissioner of Income Tax Vs. Noida Toll Bridge Co. Ltd. 262 ITR 260 Sunflower Builders Vs. Dy.CIT, 1997 (61) ITD (Pune) 227,  Asst.CIT …