https://www.taxtmi.com/caselaws?id=457896 The Appellate Tribunal ruled in favor of the appellant, rejecting the respondent's request for penalty enhancement under the Foreign Exchange Regulation Act, 1973. The Chairman found no justification for increasing the penalty, noting discrepancies in the contravened amount and prolonged deprivation of the seized amount. The Tribunal ordered the existing penalty to remain final and directed the respondent to refund the seized amount to the appellant within a specified timeframe, thereby concluding the matter. en-us Mon, 26 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457896 The Appellate Tribunal ruled in favor of the appellant, rejecting the respondent's request for penalty enhancement under the Foreign Exchange Regulation Act, 1973. The Chairman found no justification for increasing the penalty, noting discrepancies in the contravened amount and prolonged deprivation of the seized amount. The Tribunal ordered the existing penalty to remain final and directed the respondent to refund the seized amount to the appellant within a specified timeframe, thereby concluding the matter. Case-Laws FEMA Mon, 26 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457896