https://www.taxtmi.com/caselaws?id=758786 The Appellate Tribunal under SAFEMA partially allowed the appeal in a FEMA violation case. The Tribunal found contraventions of Section 3(a) for US$ 99,770 and Sections 3(a) and 3(d) for US$ 5,95,738.4 and RMB 5,78,079.8, but rejected one charge of US$ 16,000 relating to optical frames transaction. The Tribunal set aside foreign currency confiscation, ordered release of seized Indian currency of Rs. 9.29 lakh, and reduced the consolidated penalty from the original amount to Rs. 15,00,000 finding the imposed penalties disproportionately higher. en-us Thu, 04 Jul 2024 00:00:00 +0530 Wed, 18 Sep 2024 11:16:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758786 The Appellate Tribunal under SAFEMA partially allowed the appeal in a FEMA violation case. The Tribunal found contraventions of Section 3(a) for US$ 99,770 and Sections 3(a) and 3(d) for US$ 5,95,738.4 and RMB 5,78,079.8, but rejected one charge of US$ 16,000 relating to optical frames transaction. The Tribunal set aside foreign currency confiscation, ordered release of seized Indian currency of Rs. 9.29 lakh, and reduced the consolidated penalty from the original amount to Rs. 15,00,000 finding the imposed penalties disproportionately higher. Case-Laws FEMA Thu, 04 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758786