https://www.taxtmi.com/caselaws?id=457915 The appeal against the penalty under section 8(1) of the Foreign Exchange Regulation Act, 1973, was partially successful. The Adjudicating Officer's finding of contravention for acquiring foreign exchange without permission was upheld. However, considering the appellant's financial constraints, the penalty was reduced from Rs. 50,000 to Rs. 25,000. The appellant was given 30 days to pay the revised amount, with the respondents authorized to recover the penalty if unpaid. The judgment balanced the appellant's circumstances with the contravention's nature, ensuring justice by reducing the penalty. en-us Tue, 27 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457915 The appeal against the penalty under section 8(1) of the Foreign Exchange Regulation Act, 1973, was partially successful. The Adjudicating Officer's finding of contravention for acquiring foreign exchange without permission was upheld. However, considering the appellant's financial constraints, the penalty was reduced from Rs. 50,000 to Rs. 25,000. The appellant was given 30 days to pay the revised amount, with the respondents authorized to recover the penalty if unpaid. The judgment balanced the appellant's circumstances with the contravention's nature, ensuring justice by reducing the penalty. Case-Laws FEMA Tue, 27 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457915