https://www.taxtmi.com/caselaws?id=244169 Foreign exchange acquired for importing PP Dyed Chips was used to import pigment preparations instead, and the mismatch between the declared item and the actual goods was treated as a contravention of the foreign exchange restrictions under the Act. Admissions in recorded statements were relied on as substantive evidence, and no material was produced to show that the two products were the same. The Managing Director and Executive Director, being shown to be in charge of and responsible for the import transactions, were also treated as liable under the vicarious liability provision, and the penalty order was restored. en-us Mon, 17 Feb 2014 00:00:00 +0530 Mon, 06 Feb 2017 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244169 Foreign exchange acquired for importing PP Dyed Chips was used to import pigment preparations instead, and the mismatch between the declared item and the actual goods was treated as a contravention of the foreign exchange restrictions under the Act. Admissions in recorded statements were relied on as substantive evidence, and no material was produced to show that the two products were the same. The Managing Director and Executive Director, being shown to be in charge of and responsible for the import transactions, were also treated as liable under the vicarious liability provision, and the penalty order was restored. Case-Laws FEMA Mon, 17 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244169