https://www.taxtmi.com/caselaws?id=400758 Personal liability for company contraventions under the company-liability provision attaches only to persons shown to have been in charge of, and responsible for, the conduct of the business when the breach occurred. The Tribunal upheld liability where the record showed control during the relevant period, persistent non-realisation of export proceeds, and failure to establish steps sufficient to justify write-off or set-off; requests for such treatment did not amount to RBI approval or cure the default. It set aside penalties where there was no material showing day-to-day responsibility at the relevant time, holding that a directorship or executive title alone is insufficient to fasten liability. en-us Tue, 10 Nov 2020 00:00:00 +0530 Wed, 18 Nov 2020 10:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400758 Personal liability for company contraventions under the company-liability provision attaches only to persons shown to have been in charge of, and responsible for, the conduct of the business when the breach occurred. The Tribunal upheld liability where the record showed control during the relevant period, persistent non-realisation of export proceeds, and failure to establish steps sufficient to justify write-off or set-off; requests for such treatment did not amount to RBI approval or cure the default. It set aside penalties where there was no material showing day-to-day responsibility at the relevant time, holding that a directorship or executive title alone is insufficient to fasten liability. Case-Laws FEMA Tue, 10 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400758