https://www.taxtmi.com/caselaws?id=457725 The appellate tribunal overturned the penalty imposed on the appellant for contravening sections 18(2) and 18(3) of FERA, 1973, regarding the realization of export proceeds. The tribunal found that the entire amount due had been realized through proper banking channels, contrary to the adjudicator's findings. The tribunal disagreed with the adjudicator's reliance on the absence of GRI numbers in remittances and deemed the penalty unjustified. Consequently, the impugned order was set aside, and the appeals were allowed in favor of the appellant, absolving them of the alleged contraventions and associated penalties. en-us Wed, 26 Mar 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457725 The appellate tribunal overturned the penalty imposed on the appellant for contravening sections 18(2) and 18(3) of FERA, 1973, regarding the realization of export proceeds. The tribunal found that the entire amount due had been realized through proper banking channels, contrary to the adjudicator's findings. The tribunal disagreed with the adjudicator's reliance on the absence of GRI numbers in remittances and deemed the penalty unjustified. Consequently, the impugned order was set aside, and the appeals were allowed in favor of the appellant, absolving them of the alleged contraventions and associated penalties. Case-Laws FEMA Wed, 26 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457725