https://www.taxtmi.com/caselaws?id=758313 The Appellate Tribunal under SAFEMA upheld penalties against an appellant for unauthorized foreign exchange transactions. During search operations at business and residential premises, authorities seized foreign currencies from multiple countries and large amounts of Indian currency. The appellant's explanations regarding property sale agreements and foreign currency sources were found to be fabricated afterthoughts with numerous discrepancies. Claims about casino winnings abroad lacked proof and violated FEMA provisions requiring surrender of foreign exchange within 180 days. The tribunal confirmed the adjudicating authority's penalty order dated 30.09.2013. en-us Tue, 16 Jul 2024 00:00:00 +0530 Thu, 12 Sep 2024 07:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758313 The Appellate Tribunal under SAFEMA upheld penalties against an appellant for unauthorized foreign exchange transactions. During search operations at business and residential premises, authorities seized foreign currencies from multiple countries and large amounts of Indian currency. The appellant's explanations regarding property sale agreements and foreign currency sources were found to be fabricated afterthoughts with numerous discrepancies. Claims about casino winnings abroad lacked proof and violated FEMA provisions requiring surrender of foreign exchange within 180 days. The tribunal confirmed the adjudicating authority's penalty order dated 30.09.2013. Case-Laws FEMA Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758313