https://www.taxtmi.com/caselaws?id=457855 The Tribunal partially allowed the appeal, upholding the contravention finding under the Foreign Exchange Regulation Act, 1973, but reduced the penalty from Rs. 22 lakhs to Rs. 7 lakhs due to the appellant's financial hardship. The appellant was given 45 days to pay the reduced amount, with recovery options available to the respondent if unpaid. en-us Wed, 16 Oct 1996 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457855 The Tribunal partially allowed the appeal, upholding the contravention finding under the Foreign Exchange Regulation Act, 1973, but reduced the penalty from Rs. 22 lakhs to Rs. 7 lakhs due to the appellant's financial hardship. The appellant was given 45 days to pay the reduced amount, with recovery options available to the respondent if unpaid. Case-Laws FEMA Wed, 16 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457855