https://www.taxtmi.com/caselaws?id=377496 The tribunal allowed the appeals, setting aside the penalties imposed on the appellant company and its directors. It held that the company had taken reasonable steps to recover export proceeds, citing factors beyond their control like international embargoes. The tribunal noted extensions and waivers granted by the RBI, concluding that pending applications precluded penalty imposition. Directors were found not vicariously liable, requiring specific evidence of involvement. The tribunal referenced precedents to emphasize the directors' legal responsibility. en-us Mon, 25 Mar 2019 00:00:00 +0530 Sat, 30 Mar 2019 08:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377496 The tribunal allowed the appeals, setting aside the penalties imposed on the appellant company and its directors. It held that the company had taken reasonable steps to recover export proceeds, citing factors beyond their control like international embargoes. The tribunal noted extensions and waivers granted by the RBI, concluding that pending applications precluded penalty imposition. Directors were found not vicariously liable, requiring specific evidence of involvement. The tribunal referenced precedents to emphasize the directors' legal responsibility. Case-Laws FEMA Mon, 25 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377496