Judgment Search Results Home > Cases Phrase: remittances of foreign exchange and investment in foreign exchange bonds immunities and exemptions act 1991 Page 1 of about 33 results (0.222 seconds)

Assistant Commissioner of Income Vs. V.K. Gupta and ors.

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (2003)86ITD200(All.)

..... , 1991, and gave a perverse finding that the board's circular clarifies that remittances in foreign exchange are exempt from levy of tax under the it act, whereas the cbdt circular clarified that only the remittance of the nature referred in section 3 of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991, will get preferential treatment for which no enquiry as to its source would be carried out in any proceedings under the it act, 1961. 3. ..... the learned counsel for the assessee filed copy of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991, along with the scheme and the copy of the board's circular on the subject. ..... the dispute raised was about the taxing of the aforesaid amount which the assessee claimed as exempt under section 4 of "the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991" (in short, 'special act'). ..... 1,00,000 credited in the bank a/c of the assessee ignoring the facts that the assessee was not covered by the immunity under the "remittances of foreign exchange and investment in foreign exchange bonds (immunities & exemptions) act, 1991" in respect of the said deposits and the assessee failed to explain the source of the deposits as per the provisions of section 69 of the it act. 2. .....

Abhishek Kumar and Ors Vs. The State of Jharkhand Through Enforcement ...

Court : Jharkhand

..... will render the entire act namely remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 as nugatory and, thereby, the remittances of foreign exchange could not be made even under the aforesaid act and, therefore, the purport under clause 6 of the scheme is never there that if the remittances is in contravention of the provisions of the foreign exchange regulation act, it would be punishable under the fera, rather the purport is that if the remittances is not within the period fixed under the scheme that remittances can be taken to be in contravention to the provisions of foreign exchange regulation act and in that event, if this interpretation ..... senior counsel appearing for the petitioners submits that since certain foreign exchanges were received by the petitioner from outside the country, prosecution has been initiated under the provision of fera though remittances of foreign exchange were permissible under the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991, provided remittances were made in between the period from november, 1991 to 29th february, 1992 and, thereby, even if the petitioners did receive remittances of foreign exchange from november 1991 to february, 1992, they would not be liable to be prosecuted under the fera .....

Commissioner of Income-tax Vs. Smt. Savitri Devi Shukla (No. 2)

Court : Madhya Pradesh

Reported in : [2008]296ITR737(MP)

..... in appeal, the commissioner of income-tax (appeals) deleted the said addition relying on the provisions of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 ('the act' for short) and the instructions contained in cbdt circular no. ..... sub-section (1) of section 3 of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 (the act), provides that notwithstanding anything contained in any law for the time being in force... ..... 1-2 seized during the course of search at the premises of the assessee on october 30, 1992, clearly indicated that these dollars were purchased in india out of undisclosed income of the assessee and the same were not in the nature of foreign remittance entitled for immunity under the foreign exchange bonds (immunities and exemptions) act, 1991?2. ..... referred to above will not be taken into account for the purpose of any proceeding under the income-tax act, 1961....the relevant provisions of the act, as briefly explained above, make it very clear that the assessing officers, in any proceedings under the direct tax laws, will not make any enquiry with regard to remittances in foreign exchange received under the remittances in foreign exchange (immunities) scheme, 1991, or gift of any india development bonds from a non-resident indian/overseas corporate body. .....

Master Abhinav Malhotra and anr. V Asstt. Cit

Court : Delhi

Reported in : (2004)89TTJ(Del)144

..... master abhinav malhotra has essentially to be accepted as genuine gift received from shri sudhir gupta which otherwise also was covered by the immunity granted under the remittances of foreign exchange & investment in foreign bonds (immunities & exemption act, 1991 after the commencement of the act and before the specified date of 1-4-1992. ..... being genuine is covered by immunity granted under the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 which received assent of the president of india on 18-9-1991. ..... also claimed an immunity of the said gift under the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991. ..... was applicable only prospectively and as such the appellant's receipt was covered by the immunity granted under the foreign exchange & investment in foreign exchange bonds (immunities & exemption) act, 1991.17. ..... on the basis of a press release of a later date in respect of rubal remittances received from nre account held that such remittances are not eligible for exemption under remittances foreign exchange immunity scheme, 1991. ..... he supported the detailed finding recorded by the learned commissioner (appeals) as well as on merit, accretion in capital account remaining unexplained and in the light of circular dated 8-10-1991 of the reserve bank of india, the assessed cannot be given immunity under the remittances in foreign exchange (immunities) scheme, 1991. .....

Rajendra Kumar Gupta Vs. Commissioner of Income-tax (Central)

Court : Allahabad

..... in writ tax no 432 of 2005 for determination by the full bench: "(a) whether the immunity provided to the bond holder of india development bond in us dollars, under sections 6 and 7 of the remittance of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 which includes that no enquiry to be made from bond holder, regarding the source, is also available to gifts, which are found to be bogus gifts, routing the unaccounted money of the bond holder, through such bonds, by purchasing the bonds for consideration in india; (b) whether the view taken in the judgment dated 26.7.2011 in income ..... consequently, we answer the reference by holding with reference to question-a that the immunity which is provided in section 6 (1) (a) of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 extends to a non resident indian or overseas corporate body who or which owns the foreign exchange bonds and to a person resident in india to whom a gift of such bonds has been made by such an nri or ocb. ..... the questions which have been referred to the full bench, turn on the interpretation of the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 the act and the india development bonds scheme which was notified on 21 september 1991. .....

Ramesh C. Mehta Vs. Director of Enforcement

Court : Appellate Tribunal for foreign Exchange New Delhi

..... it appears that the immunity referred to in these directions was in respect of the immunity under the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 ( immunities act), and the scheme made ..... object and purpose of the act is recited in its preamble which is as follows : whereas the position relating to balance of payments has become difficult and it is necessary to attract large inflow of foreign exchange; and whereas with a view to attract such inflow of foreign exchange, it is expedient to provide for certain immunities and exemptions to render it possible for certain persons to receive the said remittances in foreign exchange and to own the said bonds; chapter ii of the act contains provisions relating to remittances of foreign exchange ..... is clear from its preamble that the immunities act was enacted by parliament with the object of attracting large inflow of foreign exchange and to achieve that objective it was considered expedient to provide for certain immunities and exemptions to render it possible for persons to receive the said remittances in foreign exchange ..... would, therefore, follow that parliament, while enacting the law, was conscious of the fact that but for the immunities to be provided under the act, the receipt of remittances of foreign exchange sought to be secured may not be legal ..... of the provisions of section 3(1)(a) the rbi formulated the scheme known as the remittance in foreign exchange (immunities) scheme, 1991 .....

Amritraj S. Punamiya, Huf Vs. Ito, Ward 24(15)

Court : Allahabad

Reported in : [2005]3SOT547(NULL)

..... immunity before him under 'remittances of foreign exchange and investment in foreign exchange bonds' (immunities and exemptions) act, 1991 (act ..... to appreciate that your appellant has satisfactorily explained the nature and source of the credit in his capital account out of foreign remittance under the remittance in foreign exchange (immunities) scheme, 1991 and therefore, the recipient is eligible for the immunities granted under the said act.'2. ..... section 2(a) and 2(b) of remittance of foreign exchange immunities act, 1995 defines 'recipient' and 'remittance' as under :(a) 'recipient' means a person as defined in clause (31) of section 2 of the income tax act, 1961 (43 of 1961), who receives any remittance under this chapter :(b) 'remittance' means remittance made in foreign exchange by any person resident outside india to a person resident in india or after the date of commencement of this act but before the specified date, in the form of drafts, travellers cheques, cheques drawn on banks situated outside india, telegraphic transfers, mail transfers, money orders, ..... to sections 3 and 4 of the remittance of foreign exchange immunity act, 1991 to highlight the point that such remittances cannot be questioned under income tax act.4. ..... he would get immunity under foreign exchange remittance act and because of that his relatives and friends who had requested him to gift money out of amounts standing in his nre a/c would also get immunity as the same is exempted under gift tax act. .....

In Re: Advance Ruling A. No. P-5 of

Court : Authority for Advance Rulings

Reported in : (1997)223ITR379AAR

..... of 1995 vs.income tax act, 1961 - sections 6(6), 7, 9, 9(1), 10(4), 115ac, 115ac(1), 115c, 115d, 115e and 115h; remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991; foreign exchange regulation act, 1973 - section 2 and 2(26); unit trust of india act, 1963 - section 32(1) 1 ..... india development bonds have been issued by the state bank of india under the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act (41 of 1991).the terms and conditions are governed by the provisions of that act and the india development bonds scheme, 1991. ..... section 32(1)(aa) of the unit trust of india act, 1963, such income is totally exempt under the income-tax act, only if one of the two conditions is fulfilled : either the investment has been made out of the funds in a non-resident (external) account with any bank in india or it has been made out of funds remitted in foreign exchange, in accordance, in either case, with the provisions of the foreign exchange regulation act or any rules and orders made thereunder. ..... the income from the units of the unit trust of india [item (d) in paragraph 7 of annexure "i"] will he exempt if the units had been acquired out of funds in a non-resident (external) account with any bank in india or out of funds remitted to india in foreign exchange in accordance with the provisions of the foreign exchange regulation act, 1973, and the rules and orders made thereunder. .....

Arvind Motasha Vs. Asstt. Cit, Range 9(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the stand of the authorities below is clearly contrary to the provisions of the remittances in foreign exchange and investments in foreign exchange bonds (immunities and exemptions) act, 1991. ..... 611, "the relevant provisions of the act, as explained above (in the circular), make it very clear that the assessing officers, in any proceedings under the direct tax laws, will not make any enquiry with regard to remittances received in foreign exchange under the remittances in foreign exchange (immunities) scheme, 1991". ..... 20,00,000 received under the remittance of foreign exchange (immunities) scheme, 1991 by one m/s vishwamurti trading consultancy services pvt. ..... 611, dated 30-9-1991 (191 itr (statute) 319), "section 4 of the act further provides that any remittance of the nature referred to above will not be taken into account for the purposes of any proceedings under the income tax act, 1961 and yet the foreign exchange gift of rs. ..... the other important aspect of the matter is that the gift in question were received by the company in which the assessee is a director shareholder, under the foreign exchange (immunities) scheme, 1991. ..... in the light of the specific provisions of the act and the circular, the immunity is not only available to the recipient of the remittance under the said scheme, the immunity is also available to "any" proceedings under the income tax act, 1961, in respect of the said transaction. .....

Rohit JaIn Vs. Assistant Director, Enforcement Directorate

Court : Appellate Tribunal for foreign Exchange New Delhi

..... at the very outset, it is noted that the remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 is applicable to remittances made after the date of the commencement of the said act but before the specified date. ..... gift in the present appeal had been made before the commencement of the said act of 1991 and, therefore, not entitled to immunities provided thereunder. ..... 000 has been imposed on the appellant for contravening provision of section 9(1)(a) of foreign exchange regulation act, 1973 ( the act) for having received a cheque of rs. ..... sumeer mahajan has, inter alia, stated that number of nre accounts with different banks in delhi were opened after the scheme of gifts in foreign exchange including that from nre account was announced by the government of india. ..... of the appellant is not covered by the fera boards order referred to for the reason that the date on which gifts were made to the appellant by sumeer mahajan did not fall within the commencement of act 41 of 1991 and the specified date i.e. ..... brief facts of the case are: on 28-10-1991 a search was conducted under section 37 of the act at the residential premises of one shri sumeer mahajan, as a result of which, foreign currency and documents were recovered and seized. ..... the specified date, according to section 2(b) of the said act, is first day of december, 1991 or such other later date which central government may, by notification in the official gazette, specify in this .....