https://www.taxtmi.com/caselaws?id=758318 The Appellate Tribunal under SAFEMA reduced penalties imposed for FEMA Section 6(3)(a) contraventions. The company's penalty was reduced from Rs.70 lakhs to Rs.35 lakhs, and the individual's penalty from Rs.28 lakhs to Rs.8 lakhs. The tribunal found the original penalties disproportionate considering the unintentional nature of omissions regarding step-down wholly owned subsidiaries, prior RBI clearance obtained, and subsequent RBI approval for closure. While contraventions were not contested, the reduction was based on peculiar facts and circumstances of the case. en-us Tue, 13 Aug 2024 00:00:00 +0530 Thu, 12 Sep 2024 07:56:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758318 The Appellate Tribunal under SAFEMA reduced penalties imposed for FEMA Section 6(3)(a) contraventions. The company's penalty was reduced from Rs.70 lakhs to Rs.35 lakhs, and the individual's penalty from Rs.28 lakhs to Rs.8 lakhs. The tribunal found the original penalties disproportionate considering the unintentional nature of omissions regarding step-down wholly owned subsidiaries, prior RBI clearance obtained, and subsequent RBI approval for closure. While contraventions were not contested, the reduction was based on peculiar facts and circumstances of the case. Case-Laws FEMA Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758318