https://www.taxtmi.com/caselaws?id=457922 The Appellate Tribunal set aside the Adjudication Order imposing penalties under sections 8(1) and 16(1) of the Foreign Exchange Regulation Act, 1973. It found no contraventions in fund transfers and commission payments, as they complied with RBI regulations. Consequently, penalties against the company directors under section 68(1) were also nullified. The Tribunal ordered the return of the deposited penalty amount within 45 days, underscoring the necessity of adherence to RBI regulations in foreign exchange matters. en-us Mon, 22 Apr 1996 00:00:00 +0530 Mon, 30 Sep 2024 20:24:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457922 The Appellate Tribunal set aside the Adjudication Order imposing penalties under sections 8(1) and 16(1) of the Foreign Exchange Regulation Act, 1973. It found no contraventions in fund transfers and commission payments, as they complied with RBI regulations. Consequently, penalties against the company directors under section 68(1) were also nullified. The Tribunal ordered the return of the deposited penalty amount within 45 days, underscoring the necessity of adherence to RBI regulations in foreign exchange matters. Case-Laws FEMA Mon, 22 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457922