Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
The AT affirms that the Appellant company committed contraventions of FEMA/regulatory provisions relating to foreign inward remittances, reporting and FLA filing obligations and timing of share issue; mens rea, bona fides or absence of quantifiable foreign exchange loss do not absolve liability under FEMA, which is compliance-oriented and penalizes the sum involved in the contravention. The Tribunal rejects delay/limitation objections and concurs with the Respondent that the quantum of the "sum involved" was correctly quantified. In view of the nature and continuity of the contraventions, however, the AT directs the adjudicating authority to substantially reduce the monetary penalty imposed on the company while upholding liability.
The AT affirms that the Appellant company committed contraventions of FEMA/regulatory provisions relating to foreign inward remittances, reporting and FLA filing obligations and timing of share issue; mens rea, bona fides or absence of quantifiable foreign exchange loss do not absolve liability under FEMA, which is compliance-oriented and penalizes the sum involved in the contravention. The Tribunal rejects delay/limitation objections and concurs with the Respondent that the quantum of the "sum involved" was correctly quantified. In view of the nature and continuity of the contraventions, however, the AT directs the adjudicating authority to substantially reduce the monetary penalty imposed on the company while upholding liability.
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