https://www.taxtmi.com/caselaws?id=458032 Penalty on a director under Section 68(1) of the Foreign Exchange Regulation Act, 1973 cannot be sustained unless there is proof that he was in charge of and responsible for the company's day-to-day business and had knowledge of the contravention. The tribunal found that the materials did not establish that the director managed the relevant transaction or the company's daily affairs, and the burden of proving such responsibility was not discharged. Applying the reasoning already adopted in connected matters involving similarly placed directors, the adjudication order was set aside and the penalty was not upheld. en-us Tue, 15 Oct 2013 00:00:00 +0530 Fri, 04 Oct 2024 11:36:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458032 Penalty on a director under Section 68(1) of the Foreign Exchange Regulation Act, 1973 cannot be sustained unless there is proof that he was in charge of and responsible for the company's day-to-day business and had knowledge of the contravention. The tribunal found that the materials did not establish that the director managed the relevant transaction or the company's daily affairs, and the burden of proving such responsibility was not discharged. Applying the reasoning already adopted in connected matters involving similarly placed directors, the adjudication order was set aside and the penalty was not upheld. Case-Laws FEMA Tue, 15 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458032