https://www.taxtmi.com/caselaws?id=753588 The Madras HC quashed an order passed under Section 17 of FEMA regarding failure to realize export proceeds worth $10 million from Brazil during 2004-2005. The petitioners challenged the order citing denial of hearing opportunity after banks' letters were received. The HC held that despite statutory appeal availability under Section 17 FEMA, writ petition was maintainable due to violation of natural justice principles. The court found that information was gathered without giving petitioners opportunity to challenge its accuracy, constituting clear violation of natural justice. Additionally, the HC noted excessive delay of over 10 years in imposing penalty, which deprived petitioners of reasonable defense opportunity. The first petitioner company was no longer operational and facing liquidation proceedings. en-us Mon, 03 Jun 2024 00:00:00 +0530 Wed, 05 Jun 2024 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753588 The Madras HC quashed an order passed under Section 17 of FEMA regarding failure to realize export proceeds worth $10 million from Brazil during 2004-2005. The petitioners challenged the order citing denial of hearing opportunity after banks' letters were received. The HC held that despite statutory appeal availability under Section 17 FEMA, writ petition was maintainable due to violation of natural justice principles. The court found that information was gathered without giving petitioners opportunity to challenge its accuracy, constituting clear violation of natural justice. Additionally, the HC noted excessive delay of over 10 years in imposing penalty, which deprived petitioners of reasonable defense opportunity. The first petitioner company was no longer operational and facing liquidation proceedings. Case-Laws FEMA Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753588