https://www.taxtmi.com/caselaws?id=457739 The appellate tribunal set aside the impugned Adjudication Order, allowing the appeal by the appellant company. It found that the appellant had sufficiently discharged its obligations under the Foreign Exchange Regulation Act by taking reasonable steps for export proceeds realization. The tribunal criticized the undue emphasis on initial inaction and the imposition of a consolidated penalty on the company and its directors without proper consideration of the Act's provisions. It highlighted the lack of evidence to support the penalty on all directors, noting that not all were responsible for the contravention. The appeal was thus allowed, and the penalty was annulled. en-us Mon, 27 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457739 The appellate tribunal set aside the impugned Adjudication Order, allowing the appeal by the appellant company. It found that the appellant had sufficiently discharged its obligations under the Foreign Exchange Regulation Act by taking reasonable steps for export proceeds realization. The tribunal criticized the undue emphasis on initial inaction and the imposition of a consolidated penalty on the company and its directors without proper consideration of the Act's provisions. It highlighted the lack of evidence to support the penalty on all directors, noting that not all were responsible for the contravention. The appeal was thus allowed, and the penalty was annulled. Case-Laws FEMA Mon, 27 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457739