https://www.taxtmi.com/caselaws?id=457425 Misdeclaration in import documents was established where examination, laboratory testing and investigation showed that the imported goods differed in nature, quality, weight and value from what had been declared, and the foreign exchange remitted was therefore not used for the declared purpose. This attracted liability under the Foreign Exchange Management Act and the applicable Foreign Exchange Management Regulations. Pendency of customs proceedings did not require the foreign exchange proceedings to be kept in abeyance, because the two regimes operate independently. On penalty, the partnership firm and its partner could not both be penalised simultaneously for the same contravention. The firm's penalty was sustained, while the partner was absolved. en-us Wed, 24 Dec 2008 00:00:00 +0530 Thu, 19 Sep 2024 12:51:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457425 Misdeclaration in import documents was established where examination, laboratory testing and investigation showed that the imported goods differed in nature, quality, weight and value from what had been declared, and the foreign exchange remitted was therefore not used for the declared purpose. This attracted liability under the Foreign Exchange Management Act and the applicable Foreign Exchange Management Regulations. Pendency of customs proceedings did not require the foreign exchange proceedings to be kept in abeyance, because the two regimes operate independently. On penalty, the partnership firm and its partner could not both be penalised simultaneously for the same contravention. The firm's penalty was sustained, while the partner was absolved. Case-Laws FEMA Wed, 24 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457425