https://www.taxtmi.com/caselaws?id=457415 Foreign exchange restrictions on acquisition, transfer and payment outside India were applied to a vessel-engine transaction, and the tribunal found that foreign exchange had been acquired and used without Reserve Bank permission. The pleas based on residential status, limited role in the transaction, and ignorance of law were rejected on the facts, so liability under the foreign exchange law was sustained. The penalties were nevertheless considered excessive in light of the common factual background, the age of the matter, and proportionality, and were reduced to lower amounts for each appellant. en-us Mon, 19 Jan 2009 00:00:00 +0530 Thu, 19 Sep 2024 12:51:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457415 Foreign exchange restrictions on acquisition, transfer and payment outside India were applied to a vessel-engine transaction, and the tribunal found that foreign exchange had been acquired and used without Reserve Bank permission. The pleas based on residential status, limited role in the transaction, and ignorance of law were rejected on the facts, so liability under the foreign exchange law was sustained. The penalties were nevertheless considered excessive in light of the common factual background, the age of the matter, and proportionality, and were reduced to lower amounts for each appellant. Case-Laws FEMA Mon, 19 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457415