https://www.taxtmi.com/caselaws?id=754021 The Appellate Tribunal under SAFEMA upheld the appellant's conviction for FEMA violations involving cricket betting operations but reduced the penalty. The appellant was found guilty of accepting and placing bets on cricket matches for overseas clients through an intermediary in Dubai, contravening Sections 3(d) and 4 of FEMA 1999. Despite the appellant's absence during the raid, substantial evidence including seized computers, mobile phones, and financial records established the illegal betting network with 19 overseas clients. The Tribunal reduced the total penalty from Rs.124 lakhs to Rs.50 lakhs (Rs.10 lakhs for Section 4 violation and Rs.40 lakhs for Section 3(d) violation) to ensure proportionality. The appeal was partly allowed with the reduced penalty amount. en-us Tue, 07 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754021 The Appellate Tribunal under SAFEMA upheld the appellant's conviction for FEMA violations involving cricket betting operations but reduced the penalty. The appellant was found guilty of accepting and placing bets on cricket matches for overseas clients through an intermediary in Dubai, contravening Sections 3(d) and 4 of FEMA 1999. Despite the appellant's absence during the raid, substantial evidence including seized computers, mobile phones, and financial records established the illegal betting network with 19 overseas clients. The Tribunal reduced the total penalty from Rs.124 lakhs to Rs.50 lakhs (Rs.10 lakhs for Section 4 violation and Rs.40 lakhs for Section 3(d) violation) to ensure proportionality. The appeal was partly allowed with the reduced penalty amount. Case-Laws FEMA Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754021