https://www.taxtmi.com/caselaws?id=457556 Penalty for contravention of foreign exchange law was sustained against both a partnership firm and its managing partner where import-related amounts were adjusted without prior RBI permission. The managing partner was in charge of day-to-day business, and the statutory scheme imposing responsibility on persons in charge supported separate liability for the firm and the responsible partner. The argument that a partnership's collective character barred action against both was rejected, because the contravention and responsibility provisions permitted penalty on the entity and on the person controlling its business. The penalty on the managing partner was upheld along with the penalty on the firms. en-us Thu, 20 Dec 2007 00:00:00 +0530 Mon, 23 Sep 2024 17:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457556 Penalty for contravention of foreign exchange law was sustained against both a partnership firm and its managing partner where import-related amounts were adjusted without prior RBI permission. The managing partner was in charge of day-to-day business, and the statutory scheme imposing responsibility on persons in charge supported separate liability for the firm and the responsible partner. The argument that a partnership's collective character barred action against both was rejected, because the contravention and responsibility provisions permitted penalty on the entity and on the person controlling its business. The penalty on the managing partner was upheld along with the penalty on the firms. Case-Laws FEMA Thu, 20 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457556