https://www.taxtmi.com/caselaws?id=457692 The Appellate Tribunal for Foreign Exchange, New Delhi, quashed the Rs. 24,000 penalty imposed on the appellant under section 9(1)(b) of the Foreign Exchange Regulation Act, 1973, while upholding the guilt finding. The Tribunal acknowledged the appellant's financial difficulties, lack of deliberate intent, and mitigating circumstances, emphasizing her honest conduct and immediate admission of the contravention. The Tribunal granted dispensation of pre-deposit and concluded the contravention was venial, aligning with the principles that penalties should not be imposed for technical breaches without considering relevant circumstances. The appeal was disposed of, reflecting a balanced consideration of deterrence and fairness. en-us Thu, 22 Jan 2004 00:00:00 +0530 Wed, 25 Sep 2024 18:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457692 The Appellate Tribunal for Foreign Exchange, New Delhi, quashed the Rs. 24,000 penalty imposed on the appellant under section 9(1)(b) of the Foreign Exchange Regulation Act, 1973, while upholding the guilt finding. The Tribunal acknowledged the appellant's financial difficulties, lack of deliberate intent, and mitigating circumstances, emphasizing her honest conduct and immediate admission of the contravention. The Tribunal granted dispensation of pre-deposit and concluded the contravention was venial, aligning with the principles that penalties should not be imposed for technical breaches without considering relevant circumstances. The appeal was disposed of, reflecting a balanced consideration of deterrence and fairness. Case-Laws FEMA Thu, 22 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457692