Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
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The AT dismissed the appeal filed under Section 19(1) of FEMA seeking enhancement of the penalty imposed for contravention of Sections 7 and 8 of FEMA relating to failure to realize export proceeds. It was held that Section 13(1) of FEMA caps the penalty at three times the contravened amount but does not prescribe a minimum or fixed sum, leaving the quantum of penalty to the Adjudicating Authority's discretion, to be exercised judiciously based on facts and evidence. The Adjudicating Authority had imposed a penalty equivalent to 100% of the contravened amount, which the AT found reasonable and objective. The AT criticized the appellant ED for pursuing enhancement appeals despite the respondents being untraceable, thereby diminishing recovery prospects. Consequently, the penalty order was upheld, and the appeal for enhancement was dismissed for lack of merit.
The AT dismissed the appeal filed under Section 19(1) of FEMA seeking enhancement of the penalty imposed for contravention of Sections 7 and 8 of FEMA relating to failure to realize export proceeds. It was held that Section 13(1) of FEMA caps the penalty at three times the contravened amount but does not prescribe a minimum or fixed sum, leaving the quantum of penalty to the Adjudicating Authority's discretion, to be exercised judiciously based on facts and evidence. The Adjudicating Authority had imposed a penalty equivalent to 100% of the contravened amount, which the AT found reasonable and objective. The AT criticized the appellant ED for pursuing enhancement appeals despite the respondents being untraceable, thereby diminishing recovery prospects. Consequently, the penalty order was upheld, and the appeal for enhancement was dismissed for lack of merit.
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