https://www.taxtmi.com/caselaws?id=457846 The tribunal set aside the impugned order imposing a penalty of Rupees ten lakhs on the appellant for contravening section 18(2) of the Foreign Exchange Regulation Act, 1973, due to procedural irregularities. The case was remanded for fresh adjudication, emphasizing due process and the appellant's opportunity to present their case. The requirement of pre-deposit was waived, and the adjudication file was returned to the Enforcement Directorate for further proceedings, ensuring compliance with the Adjudication Proceedings & Appeal Rules, 1974. The tribunal highlighted the necessity of establishing contravention before imposing penalties on directors under section 68(1) of the Act. en-us Thu, 20 Nov 1997 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457846 The tribunal set aside the impugned order imposing a penalty of Rupees ten lakhs on the appellant for contravening section 18(2) of the Foreign Exchange Regulation Act, 1973, due to procedural irregularities. The case was remanded for fresh adjudication, emphasizing due process and the appellant's opportunity to present their case. The requirement of pre-deposit was waived, and the adjudication file was returned to the Enforcement Directorate for further proceedings, ensuring compliance with the Adjudication Proceedings & Appeal Rules, 1974. The tribunal highlighted the necessity of establishing contravention before imposing penalties on directors under section 68(1) of the Act. Case-Laws FEMA Thu, 20 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457846