Appellate Tribunal found company guilty of violating FERA by diverting cargo to Dubai instead of Russia. Directors held liable.

Appellate Tribunal found company guilty of violating FERA by diverting cargo to Dubai instead of Russia. Directors held liable. https://www.taxtmi.com/highlights?id=78476 The case involves contravention of FERA provisions u/s 8(1), 48, and 49 r.w.s. 72(c) due to delivering cargo to Dubai instead of Russia, causing foreign exchange loss. Authenticity of incriminating letters confirmed. Suspected collusion between exporter, shipping company, and non-existent Russian buyers. Lack of legal action against shipping company raises suspicion. Appellant's diversion to Dubai contradicted export requirements. Failure to provide export documents strengthens case against appellant. Directors held liable u/s 68 FERA. Penalty upheld for company and director due to culpability in export irregularities. en-us Fri, 14 Jun 2024 07:37:57 +0530 Fri, 14 Jun 2024 07:37:57 +0530 TaxTMI RSS Generator Appellate Tribunal found company guilty of violating FERA by diverting cargo to Dubai instead of Russia. Directors held liable. https://www.taxtmi.com/highlights?id=78476 The case involves contravention of FERA provisions u/s 8(1), 48, and 49 r.w.s. 72(c) due to delivering cargo to Dubai instead of Russia, causing foreign exchange loss. Authenticity of incriminating letters confirmed. Suspected collusion between exporter, shipping company, and non-existent Russian buyers. Lack of legal action against shipping company raises suspicion. Appellant's diversion to Dubai contradicted export requirements. Failure to provide export documents strengthens case against appellant. Directors held liable u/s 68 FERA. Penalty upheld for company and director due to culpability in export irregularities. Highlights FEMA Fri, 14 Jun 2024 07:37:57 +0530 https://www.taxtmi.com/highlights?id=78476