https://www.taxtmi.com/caselaws?id=457467 A payment routed through an Indian concern was treated as a payment to or for the credit of a person resident outside India where the evidence showed the Indian entity was linked to the overseas consultant and the arrangement had been restructured to avoid obtaining RBI permission. The regulatory contravention was therefore established on the basis of the transaction structure and surrounding evidence, and proof of mens rea was not required for penalty. The penalty amount was nevertheless moderated because the services were connected with attracting foreign investment and there was no vested-interest element, resulting in reduction to fifty per cent of the amount imposed. en-us Mon, 18 Aug 2008 00:00:00 +0530 Fri, 20 Sep 2024 12:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457467 A payment routed through an Indian concern was treated as a payment to or for the credit of a person resident outside India where the evidence showed the Indian entity was linked to the overseas consultant and the arrangement had been restructured to avoid obtaining RBI permission. The regulatory contravention was therefore established on the basis of the transaction structure and surrounding evidence, and proof of mens rea was not required for penalty. The penalty amount was nevertheless moderated because the services were connected with attracting foreign investment and there was no vested-interest element, resulting in reduction to fifty per cent of the amount imposed. Case-Laws FEMA Mon, 18 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457467