https://www.taxtmi.com/caselaws?id=457947 Contravention of foreign exchange law by receipt of funds outside proper banking channels was sustained, but the penalty was reduced because the surrounding circumstances showed lower culpability. The amount had been received for the benefit of the Society, acknowledged on the appellant's letterhead, and entered in the Society's books, which were relevant mitigating factors when fixing penalty. The plea of complete absence of mens rea and ignorance of law was rejected, yet the original penalty was found disproportionate. Adverse material about an alleged havala source was not treated as decisive for assessing the appellant's own penalty. 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 Contravention of foreign exchange law by receipt of funds outside proper banking channels was sustained, but the penalty was reduced because the surrounding circumstances showed lower culpability. The amount had been received for the benefit of the Society, acknowledged on the appellant's letterhead, and entered in the Society's books, which were relevant mitigating factors when fixing penalty. The plea of complete absence of mens rea and ignorance of law was rejected, yet the original penalty was found disproportionate. Adverse material about an alleged havala source was not treated as decisive for assessing the appellant's own penalty. Case-Laws FEMA Tue, 13 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457947