https://www.taxtmi.com/caselaws?id=285575 The tribunal found in favor of the Company, setting aside the penalties imposed for alleged violations of FEMA. It was determined that the Company had lawfully conducted transactions through an authorized dealer and had obtained exemptions from RBI, rendering the contraventions null. The Managing Director was absolved of vicarious liability as they were not in charge during the relevant period. The tribunal concluded that the allegations were unfounded, overturning the penalties and allowing the appeal with no costs. en-us Fri, 21 Dec 2018 00:00:00 +0530 Sat, 18 Jan 2020 10:07:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285575 The tribunal found in favor of the Company, setting aside the penalties imposed for alleged violations of FEMA. It was determined that the Company had lawfully conducted transactions through an authorized dealer and had obtained exemptions from RBI, rendering the contraventions null. The Managing Director was absolved of vicarious liability as they were not in charge during the relevant period. The tribunal concluded that the allegations were unfounded, overturning the penalties and allowing the appeal with no costs. Case-Laws FEMA Fri, 21 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285575