https://www.taxtmi.com/caselaws?id=366456 The appeal challenged penalties imposed on the appellants for violating Section 16(1) of the Foreign Exchange Regulation Act, 1973, related to non-realization of funds from M/s. EEE. The Tribunal found lack of independent evidence supporting the charges and inconsistencies in the complainant's statements. Due to insufficient evidence and doubts raised, the Impugned Order was set aside, emphasizing the necessity of concrete evidence in such cases. en-us Fri, 17 Aug 2018 00:00:00 +0530 Wed, 05 Sep 2018 08:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366456 The appeal challenged penalties imposed on the appellants for violating Section 16(1) of the Foreign Exchange Regulation Act, 1973, related to non-realization of funds from M/s. EEE. The Tribunal found lack of independent evidence supporting the charges and inconsistencies in the complainant's statements. Due to insufficient evidence and doubts raised, the Impugned Order was set aside, emphasizing the necessity of concrete evidence in such cases. Case-Laws FEMA Fri, 17 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366456