https://www.taxtmi.com/caselaws?id=195807 The Tribunal found the appellants liable for contravening Section 8 of FEMA, 1999 by failing to repatriate export proceeds but dismissed allegations of contravention of other sections and regulations. Penalties imposed were reduced due to lack of reasoning and excessive amounts. The Managing Director was held liable based on designation, while the Executive Director's penalty was set aside. The Tribunal clarified the responsibility of obtaining a no objection certificate lies with the authorized dealer, not the appellants. The impugned order was modified, and adjustments or refunds of pre-deposits were granted to the appellants. en-us Fri, 09 Oct 2015 00:00:00 +0530 Sat, 11 Nov 2017 10:51:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195807 The Tribunal found the appellants liable for contravening Section 8 of FEMA, 1999 by failing to repatriate export proceeds but dismissed allegations of contravention of other sections and regulations. Penalties imposed were reduced due to lack of reasoning and excessive amounts. The Managing Director was held liable based on designation, while the Executive Director's penalty was set aside. The Tribunal clarified the responsibility of obtaining a no objection certificate lies with the authorized dealer, not the appellants. The impugned order was modified, and adjustments or refunds of pre-deposits were granted to the appellants. Case-Laws FEMA Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195807