https://www.taxtmi.com/caselaws?id=210779 The appeals were dismissed as no substantial question of law arose. The Tribunal confirmed violations of FERA provisions, holding the company and its officers liable for releasing foreign exchange in violation of BTQ scheme conditions and based on bogus documents. The Managing Director and Director were found vicariously liable under Section 68(1) for lack of due diligence. The penalties imposed were upheld as proportionate due to failure to discharge the burden under the proviso to Section 68(1). en-us Thu, 09 Feb 2012 00:00:00 +0530 Wed, 13 Feb 2013 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210779 The appeals were dismissed as no substantial question of law arose. The Tribunal confirmed violations of FERA provisions, holding the company and its officers liable for releasing foreign exchange in violation of BTQ scheme conditions and based on bogus documents. The Managing Director and Director were found vicariously liable under Section 68(1) for lack of due diligence. The penalties imposed were upheld as proportionate due to failure to discharge the burden under the proviso to Section 68(1). Case-Laws FEMA Thu, 09 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210779