https://www.taxtmi.com/caselaws?id=457740 The Tribunal set aside the impugned orders in two appeals, directing the refund of penalty amounts to the appellants. The appeals involved issues of liability under the Foreign Exchange Regulation Act, with one appeal abating due to the appellant's death. The Tribunal emphasized the importance of evidence and distinguished between adjudication and criminal proceedings, noting that criminal acquittals should influence adjudication outcomes. The lack of evidence linking the appellants to the alleged offenses led to the setting aside of penalties, affirming the necessity of corroborative evidence for imposing liabilities on individuals and firms. en-us Tue, 21 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457740 The Tribunal set aside the impugned orders in two appeals, directing the refund of penalty amounts to the appellants. The appeals involved issues of liability under the Foreign Exchange Regulation Act, with one appeal abating due to the appellant's death. The Tribunal emphasized the importance of evidence and distinguished between adjudication and criminal proceedings, noting that criminal acquittals should influence adjudication outcomes. The lack of evidence linking the appellants to the alleged offenses led to the setting aside of penalties, affirming the necessity of corroborative evidence for imposing liabilities on individuals and firms. Case-Laws FEMA Tue, 21 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457740