https://www.taxtmi.com/caselaws?id=457728 The Appellate Tribunal for Foreign Exchange set aside penalty orders against two individuals for contravening section 8(1) of FERA, 1973, due to insufficient evidence. The Tribunal found discrepancies in documents and signatures related to the alleged acquisition of DM 20,000 without RBI permission. It emphasized the need for concrete proof of actual payment and criticized the investigation's perfunctory nature. The Tribunal underscored the quasi-criminal nature of FERA proceedings, requiring proof beyond reasonable doubt. Consequently, the penalties were annulled, and the deposited amounts were ordered to be refunded within three months. en-us Fri, 31 Jan 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457728 The Appellate Tribunal for Foreign Exchange set aside penalty orders against two individuals for contravening section 8(1) of FERA, 1973, due to insufficient evidence. The Tribunal found discrepancies in documents and signatures related to the alleged acquisition of DM 20,000 without RBI permission. It emphasized the need for concrete proof of actual payment and criticized the investigation's perfunctory nature. The Tribunal underscored the quasi-criminal nature of FERA proceedings, requiring proof beyond reasonable doubt. Consequently, the penalties were annulled, and the deposited amounts were ordered to be refunded within three months. Case-Laws FEMA Fri, 31 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457728