https://www.taxtmi.com/caselaws?id=380089 The Tribunal ruled in favor of the appellant company and its director, setting aside penalties imposed on them for alleged violations of FEMA regulations. The appellants were cleared of contravening Regulation 3 and Schedule 1 of Regulation 5(1) of FEMA, as the transactions in question were deemed permissible under the automatic route for Foreign Direct Investment. Additionally, they were exonerated of the charge of transferring foreign exchange outside India under Section 4 of FEMA. The Tribunal found the penalties unjustified, citing misapplication of regulations and lack of evidence. The appeal filed by the respondent was dismissed, and all pending matters were resolved without costs. en-us Wed, 01 May 2019 00:00:00 +0530 Tue, 14 May 2019 07:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380089 The Tribunal ruled in favor of the appellant company and its director, setting aside penalties imposed on them for alleged violations of FEMA regulations. The appellants were cleared of contravening Regulation 3 and Schedule 1 of Regulation 5(1) of FEMA, as the transactions in question were deemed permissible under the automatic route for Foreign Direct Investment. Additionally, they were exonerated of the charge of transferring foreign exchange outside India under Section 4 of FEMA. The Tribunal found the penalties unjustified, citing misapplication of regulations and lack of evidence. The appeal filed by the respondent was dismissed, and all pending matters were resolved without costs. Case-Laws FEMA Wed, 01 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380089