https://www.taxtmi.com/caselaws?id=457837 Liability under section 68(1) of the Foreign Exchange Regulation Act, 1973 could not be fastened without objectively considering the bank certificate and other material bearing on who operated the company's account and handled payments to foreign suppliers. That evidence was relevant to identifying the person responsible for the conduct of the company's affairs, and the record showed that the appellant's material had not been placed before the adjudicating authority. Because a fair and fresh finding on responsibility could not be made on the existing record, the penalty determination against the appellant and the other director was set aside and the matter remanded for fresh adjudication on the issue of the liable director. en-us Mon, 29 Dec 1997 00:00:00 +0530 Sat, 28 Sep 2024 10:58:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457837 Liability under section 68(1) of the Foreign Exchange Regulation Act, 1973 could not be fastened without objectively considering the bank certificate and other material bearing on who operated the company's account and handled payments to foreign suppliers. That evidence was relevant to identifying the person responsible for the conduct of the company's affairs, and the record showed that the appellant's material had not been placed before the adjudicating authority. Because a fair and fresh finding on responsibility could not be made on the existing record, the penalty determination against the appellant and the other director was set aside and the matter remanded for fresh adjudication on the issue of the liable director. Case-Laws FEMA Mon, 29 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457837