https://www.taxtmi.com/caselaws?id=314488 The HC dismissed the State's appeal, affirming the Appellate Board's decision to quash the penalty on the respondent Mills. The Court ruled that the payment was a deposit, not a payment to the foreign entity, contingent on RBI approval. No debt was acknowledged, and any recovered penalty must be refunded. en-us Wed, 03 Oct 1979 00:00:00 +0530 Fri, 14 Jun 2024 17:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314488 The HC dismissed the State's appeal, affirming the Appellate Board's decision to quash the penalty on the respondent Mills. The Court ruled that the payment was a deposit, not a payment to the foreign entity, contingent on RBI approval. No debt was acknowledged, and any recovered penalty must be refunded. Case-Laws FEMA Wed, 03 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314488