https://www.taxtmi.com/caselaws?id=375412 The Tribunal found in favor of the appellants, highlighting non-compliance with FEMA regulations regarding penalties imposed. It concluded that the penalties were disproportionate, considering the appellants' compliance with equity participation regulations and engagement in legitimate business activities. The Tribunal noted violations of natural justice principles and directed the appellants to deposit a lump sum within eight weeks, expediting the appeal hearing. The liability of directors was also examined, with no evidence of personal gain or wrongdoing found. The Tribunal emphasized that its observations were provisional and would not impact the final appeal outcome. en-us Fri, 08 Feb 2019 00:00:00 +0530 Mon, 18 Feb 2019 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375412 The Tribunal found in favor of the appellants, highlighting non-compliance with FEMA regulations regarding penalties imposed. It concluded that the penalties were disproportionate, considering the appellants' compliance with equity participation regulations and engagement in legitimate business activities. The Tribunal noted violations of natural justice principles and directed the appellants to deposit a lump sum within eight weeks, expediting the appeal hearing. The liability of directors was also examined, with no evidence of personal gain or wrongdoing found. The Tribunal emphasized that its observations were provisional and would not impact the final appeal outcome. Case-Laws FEMA Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375412