https://www.taxtmi.com/caselaws?id=252270 The court found the revision petitions before the Appellate Tribunal maintainable under FEMA, allowing them to continue. However, proceedings under FERA against individuals without involving the companies were deemed unsustainable, as liability could not be imposed on directors if the company itself was not proceeded against. The court also criticized the AT for exceeding its jurisdiction in adjudicating on factual matters without proper basis. Consequently, the impugned order was deemed unsustainable, and the appellants were exonerated, with amounts deposited ordered to be refunded and bank guarantees discharged and returned to them. en-us Wed, 24 Sep 2014 00:00:00 +0530 Thu, 16 Oct 2014 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252270 The court found the revision petitions before the Appellate Tribunal maintainable under FEMA, allowing them to continue. However, proceedings under FERA against individuals without involving the companies were deemed unsustainable, as liability could not be imposed on directors if the company itself was not proceeded against. The court also criticized the AT for exceeding its jurisdiction in adjudicating on factual matters without proper basis. Consequently, the impugned order was deemed unsustainable, and the appellants were exonerated, with amounts deposited ordered to be refunded and bank guarantees discharged and returned to them. Case-Laws FEMA Wed, 24 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252270