https://www.taxtmi.com/caselaws?id=758316 The Appellate Tribunal under SAFEMA dismissed an appeal challenging penalty imposed for FERA violations. The appellant was penalized after foreign exchange worth Rs.54,20,854 was seized from another person at Hyderabad Airport who was carrying it on appellant's behalf. The Tribunal rejected arguments regarding statement retraction, finding no proper retraction occurred and sufficient evidence existed to prove contravention. The Tribunal held that proceedings were timely initiated within the two-year sunset period as the show cause notice was issued before expiry. The appellant's acquittal in criminal prosecution was deemed irrelevant as it was based on technical grounds (lack of sanction) rather than merits, with the court having found smuggling attempt proved. en-us Tue, 13 Aug 2024 00:00:00 +0530 Wed, 11 Sep 2024 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758316 The Appellate Tribunal under SAFEMA dismissed an appeal challenging penalty imposed for FERA violations. The appellant was penalized after foreign exchange worth Rs.54,20,854 was seized from another person at Hyderabad Airport who was carrying it on appellant's behalf. The Tribunal rejected arguments regarding statement retraction, finding no proper retraction occurred and sufficient evidence existed to prove contravention. The Tribunal held that proceedings were timely initiated within the two-year sunset period as the show cause notice was issued before expiry. The appellant's acquittal in criminal prosecution was deemed irrelevant as it was based on technical grounds (lack of sanction) rather than merits, with the court having found smuggling attempt proved. Case-Laws FEMA Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758316