https://www.taxtmi.com/caselaws?id=457718 An adjudication imposing a serious foreign exchange penalty must deal expressly with the defence, the replies to the show-cause notices, and the basis for fastening company liability for acts attributed to its chairman or executives. Where those objections are not properly examined and the order lacks reasoned findings commensurate with the penalty, the adjudication is legally vulnerable and cannot stand on the existing record. The matter therefore requires fresh consideration after due evaluation of the liability issue, the factual objections, and the justification for penalty. en-us Mon, 12 May 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457718 An adjudication imposing a serious foreign exchange penalty must deal expressly with the defence, the replies to the show-cause notices, and the basis for fastening company liability for acts attributed to its chairman or executives. Where those objections are not properly examined and the order lacks reasoned findings commensurate with the penalty, the adjudication is legally vulnerable and cannot stand on the existing record. The matter therefore requires fresh consideration after due evaluation of the liability issue, the factual objections, and the justification for penalty. Case-Laws FEMA Mon, 12 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457718