https://www.taxtmi.com/caselaws?id=457926 The Chairman upheld the finding of contravention under section 9(1)(a) of FERA, 1973, against the appellant, who was alleged to have received Rs. 2 lakhs from an NRE account. Despite the appellant's denial, the penalty was reduced to Rs. 10,000, considering the circumstances and the transaction's positive impact on foreign exchange reserves. The appellant was ordered to receive a refund of the excess amount deposited as pre-deposit within 45 days. The decision emphasized the importance of circumstantial evidence in FERA violations, given the lack of direct evidence. en-us Wed, 06 Mar 1996 00:00:00 +0530 Mon, 30 Sep 2024 20:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457926 The Chairman upheld the finding of contravention under section 9(1)(a) of FERA, 1973, against the appellant, who was alleged to have received Rs. 2 lakhs from an NRE account. Despite the appellant's denial, the penalty was reduced to Rs. 10,000, considering the circumstances and the transaction's positive impact on foreign exchange reserves. The appellant was ordered to receive a refund of the excess amount deposited as pre-deposit within 45 days. The decision emphasized the importance of circumstantial evidence in FERA violations, given the lack of direct evidence. Case-Laws FEMA Wed, 06 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457926