FEMA penalty set aside and remanded for fresh adjudication after unconsidered documents and bank communications were found relevant.

Penalty under FEMA concerning export realisation, import documentation and export advances was set aside because additional documents and later bank communications had not been examined by the adjudicating authority. The Tribunal treated the later material as relevant to the disputed factual matrix and found that a fresh decision was required after considering that material and the parties' submissions. The matter was remanded for de novo adjudication with an opportunity of hearing to both sides.

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Issues: Whether the penalty order passed under the Foreign Exchange Management Act, 1999 required interference and remand for fresh adjudication in view of the additional documents, subsequent bank communications, and the material that was not considered earlier.

Analysis: The appeals involved disputed contraventions relating to export realization, import documentation, and export advances under the Foreign Exchange Management Act, 1999. Additional documents, including later bank communications and supporting material, were placed before the Tribunal and were considered relevant to the disputed factual matrix. The Tribunal found that the adjudicating authority had not had the occasion to examine these materials when passing the impugned order, and that a fresh decision should be taken after considering them along with the parties' submissions.

Conclusion: The impugned penalty order was set aside and the matter was remanded for de novo adjudication after giving both sides an opportunity of hearing.

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