https://www.taxtmi.com/caselaws?id=350739 Penalty for non-realisation of export proceeds under foreign exchange law could not be sustained against a director who joined only after the export transactions, was confined to an advisory and non-executive role, and had no involvement in day-to-day management or compliance. The record showed the relevant proceeds issue arose largely before his directorship, and the authority itself accepted that he was not part of the management handling the affairs in question. On those facts, no basis remained to fasten liability on him, and the impugned penalty was liable to be set aside. en-us Mon, 06 Nov 2017 00:00:00 +0530 Wed, 06 Mar 2019 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350739 Penalty for non-realisation of export proceeds under foreign exchange law could not be sustained against a director who joined only after the export transactions, was confined to an advisory and non-executive role, and had no involvement in day-to-day management or compliance. The record showed the relevant proceeds issue arose largely before his directorship, and the authority itself accepted that he was not part of the management handling the affairs in question. On those facts, no basis remained to fasten liability on him, and the impugned penalty was liable to be set aside. Case-Laws FEMA Mon, 06 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350739