https://www.taxtmi.com/caselaws?id=457713 FERA penalties must be assessed with regard to mitigating circumstances, including absence of personal gain, health, and social background, rather than imposed mechanically at the upper end of the range; the Tribunal accordingly reduced the penalties to 15% of the amounts originally imposed. Confiscation of seized foreign exchange is not automatic under section 63 and requires a reasoned exercise of discretion based on application of mind; because the order did not show adequate reasons and the facts did not justify such drastic action, the confiscation was set aside and release of the seized amount was directed. The finding of contravention remained undisturbed. en-us Tue, 21 Oct 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457713 FERA penalties must be assessed with regard to mitigating circumstances, including absence of personal gain, health, and social background, rather than imposed mechanically at the upper end of the range; the Tribunal accordingly reduced the penalties to 15% of the amounts originally imposed. Confiscation of seized foreign exchange is not automatic under section 63 and requires a reasoned exercise of discretion based on application of mind; because the order did not show adequate reasons and the facts did not justify such drastic action, the confiscation was set aside and release of the seized amount was directed. The finding of contravention remained undisturbed. Case-Laws FEMA Tue, 21 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457713