https://www.taxtmi.com/caselaws?id=758790 The Appellate Tribunal under SAFEMA set aside a penalty order imposed under Section 19(1) of FEMA for contraventions of Section 42(1). The appellant, who was deemed in-charge of company business, successfully argued that the contraventions occurred without his knowledge and that he had exercised due diligence to prevent violations by implementing comprehensive compliance policies and safeguards. The Tribunal found that the Adjudicating Authority failed to address these arguments in its order and ruled in favor of the appellant, allowing the appeal and setting aside the penalty. en-us Mon, 08 Jul 2024 00:00:00 +0530 Tue, 17 Sep 2024 14:55:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758790 The Appellate Tribunal under SAFEMA set aside a penalty order imposed under Section 19(1) of FEMA for contraventions of Section 42(1). The appellant, who was deemed in-charge of company business, successfully argued that the contraventions occurred without his knowledge and that he had exercised due diligence to prevent violations by implementing comprehensive compliance policies and safeguards. The Tribunal found that the Adjudicating Authority failed to address these arguments in its order and ruled in favor of the appellant, allowing the appeal and setting aside the penalty. Case-Laws FEMA Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758790