https://www.taxtmi.com/caselaws?id=458035 The Tribunal dismissed appeals Nos. 98-99/2011, affirming the company's contravention of FEMA by purchasing agricultural land with foreign remittances. The penalty of Rs. 12,00,000/- was upheld. Ms. Yulia Yaskova, a director, was held liable under section 42(1) of FEMA, with a Rs. 1,00,000/- penalty. Properties worth Rs. 1,53,17,000/- were confiscated to the Central Government under section 13(2) of FEMA. The Tribunal found no illegality in the Adjudicating Authority's order, and no costs were awarded. en-us Thu, 28 Nov 2013 00:00:00 +0530 Fri, 04 Oct 2024 12:47:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458035 The Tribunal dismissed appeals Nos. 98-99/2011, affirming the company's contravention of FEMA by purchasing agricultural land with foreign remittances. The penalty of Rs. 12,00,000/- was upheld. Ms. Yulia Yaskova, a director, was held liable under section 42(1) of FEMA, with a Rs. 1,00,000/- penalty. Properties worth Rs. 1,53,17,000/- were confiscated to the Central Government under section 13(2) of FEMA. The Tribunal found no illegality in the Adjudicating Authority's order, and no costs were awarded. Case-Laws FEMA Thu, 28 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458035