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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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