https://www.taxtmi.com/caselaws?id=457690 The Appellate Tribunal upheld the contravention findings under the Foreign Exchange Regulation Act, 1973, against a firm and its partners for failing to repatriate export proceeds. However, it acknowledged mitigating circumstances and the absence of mens rea, leading to a significant reduction in penalties to Rs. 3,000 for the firm and Rs. 1,000 for each partner. The Tribunal determined there was no delay in filing the appeals, and the Directorate was instructed to enforce the revised penalties. en-us Mon, 16 Feb 2004 00:00:00 +0530 Wed, 25 Sep 2024 18:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457690 The Appellate Tribunal upheld the contravention findings under the Foreign Exchange Regulation Act, 1973, against a firm and its partners for failing to repatriate export proceeds. However, it acknowledged mitigating circumstances and the absence of mens rea, leading to a significant reduction in penalties to Rs. 3,000 for the firm and Rs. 1,000 for each partner. The Tribunal determined there was no delay in filing the appeals, and the Directorate was instructed to enforce the revised penalties. Case-Laws FEMA Mon, 16 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457690