https://www.taxtmi.com/caselaws?id=457710 Contravention of foreign exchange law was established where a resident in India received sale proceeds for imported cars on behalf of a non-resident without inward remittance through authorised dealers and without RBI exemption. The Tribunal relied on admissions, corroborative witness statements and seized documents, and did not accept the retraction argument because the record sufficiently supported the transaction pattern and the appellant's involvement. While upholding the violation, the Tribunal moderated the penalty on a lenient view and in light of mens rea, reducing it from Rs. 3,00,000 to Rs. 1,50,000. en-us Fri, 02 Jan 2004 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457710 Contravention of foreign exchange law was established where a resident in India received sale proceeds for imported cars on behalf of a non-resident without inward remittance through authorised dealers and without RBI exemption. The Tribunal relied on admissions, corroborative witness statements and seized documents, and did not accept the retraction argument because the record sufficiently supported the transaction pattern and the appellant's involvement. While upholding the violation, the Tribunal moderated the penalty on a lenient view and in light of mens rea, reducing it from Rs. 3,00,000 to Rs. 1,50,000. Case-Laws FEMA Fri, 02 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457710