https://www.taxtmi.com/caselaws?id=457711 The appeal was partly allowed by the Forum, affirming the findings of guilt for violations of sections 8(3) and 8(4) of the Foreign Exchange Regulation Act. The penalty was reduced to Rs. 15,000, divided as Rs. 10,000 for the company and Rs. 2,500 for each Director. The judgment underscored the necessity of adhering to foreign exchange regulations, emphasizing that non-compliance incurs penalties, regardless of disputed intent. Despite the appellant's arguments of non-wilful default, the evidence indicated a breach of the Act's provisions, justifying the modified penalty. en-us Mon, 08 Dec 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457711 The appeal was partly allowed by the Forum, affirming the findings of guilt for violations of sections 8(3) and 8(4) of the Foreign Exchange Regulation Act. The penalty was reduced to Rs. 15,000, divided as Rs. 10,000 for the company and Rs. 2,500 for each Director. The judgment underscored the necessity of adhering to foreign exchange regulations, emphasizing that non-compliance incurs penalties, regardless of disputed intent. Despite the appellant's arguments of non-wilful default, the evidence indicated a breach of the Act's provisions, justifying the modified penalty. Case-Laws FEMA Mon, 08 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457711