https://www.taxtmi.com/caselaws?id=457957 The Appellate Tribunal for Foreign Exchange dismissed the appeals in interconnected cases concerning penalties under the Foreign Exchange Regulation Act, 1973. The appellants were penalized for violating sections 19(1)(e) and 14, involving unauthorized holding of foreign securities and failure to offer foreign exchange for sale. Despite arguments challenging their residency status, the Tribunal determined the appellants were Indian citizens and residents, thus subject to the Act. The penalties were deemed appropriate and proportionate to the contraventions. The Tribunal upheld the adjudication order, affirming the penalties and dismissing the appeals. en-us Fri, 19 Jun 1992 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457957 The Appellate Tribunal for Foreign Exchange dismissed the appeals in interconnected cases concerning penalties under the Foreign Exchange Regulation Act, 1973. The appellants were penalized for violating sections 19(1)(e) and 14, involving unauthorized holding of foreign securities and failure to offer foreign exchange for sale. Despite arguments challenging their residency status, the Tribunal determined the appellants were Indian citizens and residents, thus subject to the Act. The penalties were deemed appropriate and proportionate to the contraventions. The Tribunal upheld the adjudication order, affirming the penalties and dismissing the appeals. Case-Laws FEMA Fri, 19 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457957