https://www.taxtmi.com/caselaws?id=457751 The Appellate Tribunal addressed issues of unauthorized representation and ex parte proceedings, ultimately modifying the penalty imposed for contravening FERA provisions. Despite the contravention involving export proceeds without RBI approval, the Tribunal considered mitigating factors, reducing the penalty to 50% of the amount involved. A consolidated penalty of Rs. 17,000 was imposed on the appellant firm, while the managing partner faced no penalty. The impugned order was partly allowed, reflecting the Tribunal's acknowledgment of the appellant's bona fide intentions and commercial prudence. en-us Fri, 06 Jul 2001 00:00:00 +0530 Thu, 26 Sep 2024 17:19:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457751 The Appellate Tribunal addressed issues of unauthorized representation and ex parte proceedings, ultimately modifying the penalty imposed for contravening FERA provisions. Despite the contravention involving export proceeds without RBI approval, the Tribunal considered mitigating factors, reducing the penalty to 50% of the amount involved. A consolidated penalty of Rs. 17,000 was imposed on the appellant firm, while the managing partner faced no penalty. The impugned order was partly allowed, reflecting the Tribunal's acknowledgment of the appellant's bona fide intentions and commercial prudence. Case-Laws FEMA Fri, 06 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457751