https://www.taxtmi.com/caselaws?id=457947 The Tribunal partially allowed the appeal, maintaining the contravention charge under section 9(1)(b) of the Foreign Exchange Regulation Act, 1973, but significantly reducing the penalty from Rs. 60,000 to Rs. 10,000. The reduction considered mitigating circumstances, including the appellant's ignorance of the law and the charitable use of funds. The appellant was given a deadline to pay the reduced penalty, with recovery options available to respondents if payment was not made. en-us Tue, 13 Feb 1996 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457947 The Tribunal partially allowed the appeal, maintaining the contravention charge under section 9(1)(b) of the Foreign Exchange Regulation Act, 1973, but significantly reducing the penalty from Rs. 60,000 to Rs. 10,000. The reduction considered mitigating circumstances, including the appellant's ignorance of the law and the charitable use of funds. The appellant was given a deadline to pay the reduced penalty, with recovery options available to respondents if payment was not made. Case-Laws FEMA Tue, 13 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457947