https://www.taxtmi.com/caselaws?id=758314 The Appellate Tribunal under SAFEMA upheld the Adjudicating Authority's decision imposing Rs. 2 lakh penalty each on two parties for delayed realization of export proceeds. The Tribunal held that under Section 13(1) FEMA, penalty imposition is discretionary and must be exercised judiciously. Since export proceeds were eventually realized despite delays of 2-3 years, the contraventions were deemed technical rather than substantive. The Tribunal agreed the penalties were appropriate as there was no intention to violate substantive provisions, and the imposed amounts met the ends of justice for technical contraventions. en-us Tue, 16 Jul 2024 00:00:00 +0530 Wed, 11 Sep 2024 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758314 The Appellate Tribunal under SAFEMA upheld the Adjudicating Authority's decision imposing Rs. 2 lakh penalty each on two parties for delayed realization of export proceeds. The Tribunal held that under Section 13(1) FEMA, penalty imposition is discretionary and must be exercised judiciously. Since export proceeds were eventually realized despite delays of 2-3 years, the contraventions were deemed technical rather than substantive. The Tribunal agreed the penalties were appropriate as there was no intention to violate substantive provisions, and the imposed amounts met the ends of justice for technical contraventions. Case-Laws FEMA Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758314