https://www.taxtmi.com/caselaws?id=111943 The court upheld the penalties imposed on the appellant company and its Managing Director for contravening section 10(6) of the Foreign Exchange Management Act, 1999 by not utilizing foreign exchange for the declared purpose of importing refrigeration machinery. The court emphasized that the violation was a significant economic offense, rejecting arguments related to previous management and lack of knowledge. Strict liability was imposed due to the appellant's failure to comply with the Act and regulations, leading to the dismissal of appeals and a reminder of the importance of adherence to foreign exchange laws. en-us Wed, 17 Sep 2008 00:00:00 +0530 Fri, 28 Nov 2014 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111943 The court upheld the penalties imposed on the appellant company and its Managing Director for contravening section 10(6) of the Foreign Exchange Management Act, 1999 by not utilizing foreign exchange for the declared purpose of importing refrigeration machinery. The court emphasized that the violation was a significant economic offense, rejecting arguments related to previous management and lack of knowledge. Strict liability was imposed due to the appellant's failure to comply with the Act and regulations, leading to the dismissal of appeals and a reminder of the importance of adherence to foreign exchange laws. Case-Laws Companies Law Wed, 17 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111943