https://www.taxtmi.com/caselaws?id=758265 The Appellate Tribunal under SAFEMA reduced penalties imposed on a company for FERA violations involving foreign exchange remittances and non-submission of import documents. The company successfully proved imports for three remittances, with contraventions limited to only two remittances totaling NLG 76,913.27 (1.76% of alleged amount). The Tribunal reduced the corporate penalty from Rs.2 crores to Rs.2.5 lakhs, considering the 25-year-old matter and difficulty in tracing records. The order was modified accordingly without remanding to the Adjudicating Authority. en-us Tue, 09 Jul 2024 00:00:00 +0530 Wed, 11 Sep 2024 09:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758265 The Appellate Tribunal under SAFEMA reduced penalties imposed on a company for FERA violations involving foreign exchange remittances and non-submission of import documents. The company successfully proved imports for three remittances, with contraventions limited to only two remittances totaling NLG 76,913.27 (1.76% of alleged amount). The Tribunal reduced the corporate penalty from Rs.2 crores to Rs.2.5 lakhs, considering the 25-year-old matter and difficulty in tracing records. The order was modified accordingly without remanding to the Adjudicating Authority. Case-Laws FEMA Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758265