https://www.taxtmi.com/caselaws?id=457756 The Appellate Tribunal set aside the penalty imposed on the Appellant for allegedly contravening section 9(1)(c) of the Foreign Exchange Regulation Act, 1973. The Tribunal found no evidence of debt acknowledgment by the Appellant, who had properly declared and paid customs duties on gifts received. The Tribunal ordered the Respondents to refund the Rs. 5,000 penalty within two months, concluding the impugned order was improper. en-us Wed, 27 Jun 2001 00:00:00 +0530 Thu, 26 Sep 2024 18:51:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457756 The Appellate Tribunal set aside the penalty imposed on the Appellant for allegedly contravening section 9(1)(c) of the Foreign Exchange Regulation Act, 1973. The Tribunal found no evidence of debt acknowledgment by the Appellant, who had properly declared and paid customs duties on gifts received. The Tribunal ordered the Respondents to refund the Rs. 5,000 penalty within two months, concluding the impugned order was improper. Case-Laws FEMA Wed, 27 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457756