https://www.taxtmi.com/caselaws?id=756511 Penalties under the Customs Act, 1962 and FEMA were found unsustainable against a licensed money exchanger where the record did not establish intentional connivance in alleged illegal export of foreign currency or illegal import of gold. Call records and co-noticees' statements were held insufficient, without reliable independent evidence, to show participation in smuggling or deliberate facilitation. A lapse of exchanging currency without issuing an invoice was treated as a regulatory non-compliance issue, but not by itself as a statutory contravention attracting Customs penalties under sections 114, 114AA, or 117. The FEMA penalty also lacked support in the impugned order, and the penalties were set aside. en-us Fri, 02 Aug 2024 00:00:00 +0530 Mon, 05 Aug 2024 07:05:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756511 Penalties under the Customs Act, 1962 and FEMA were found unsustainable against a licensed money exchanger where the record did not establish intentional connivance in alleged illegal export of foreign currency or illegal import of gold. Call records and co-noticees' statements were held insufficient, without reliable independent evidence, to show participation in smuggling or deliberate facilitation. A lapse of exchanging currency without issuing an invoice was treated as a regulatory non-compliance issue, but not by itself as a statutory contravention attracting Customs penalties under sections 114, 114AA, or 117. The FEMA penalty also lacked support in the impugned order, and the penalties were set aside. Case-Laws Customs Fri, 02 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756511