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of The AT found the appellant's bank contravened FEMA provisions by allowing outward remittance without RBI approval, specifically violating Sections 6(3)(b), 10(5), and 47(3). The DCF valuation method revealed irregular share pricing and improper transaction documentation. While other noticees faced penalties ranging from Rs. 4-85 crores, the AT determined the initial Rs. 14 crores penalty against the appellant bank was disproportionate. Consequently, the AT reduced the penalty to Rs. 1.4 crores, noting the bank's limited direct culpability while acknowledging procedural irregularities in the remittance process. The appeal was partially allowed with the penalty modification.
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