https://www.taxtmi.com/caselaws?id=447102 Bombay HC upheld Tribunal's decision reducing maximum penalty imposed by Special Director under FEMA for IPL franchise bidding violations. Respondents routed UK investments through Mauritius for IPL franchise acquisition. Tribunal found contraventions were technical, caused no exchequer loss, funds remained in India for intended purposes, and entities gained no benefit while suffering financial detriment. Special Director failed to justify maximum penalty imposition or apply proportionality doctrine. HC agreed Tribunal's factual findings were not perverse and Special Director's order was unsustainable without proper justification for maximum penalty. en-us Wed, 13 Dec 2023 00:00:00 +0530 Tue, 19 Dec 2023 09:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447102 Bombay HC upheld Tribunal's decision reducing maximum penalty imposed by Special Director under FEMA for IPL franchise bidding violations. Respondents routed UK investments through Mauritius for IPL franchise acquisition. Tribunal found contraventions were technical, caused no exchequer loss, funds remained in India for intended purposes, and entities gained no benefit while suffering financial detriment. Special Director failed to justify maximum penalty imposition or apply proportionality doctrine. HC agreed Tribunal's factual findings were not perverse and Special Director's order was unsustainable without proper justification for maximum penalty. Case-Laws FEMA Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447102