https://www.taxtmi.com/caselaws?id=458054 The Appellate Tribunal for Foreign Exchange, New Delhi allowed the appeal against penalty imposed under Section 8 of FEMA, 1999 for non-realization of export bills. The AT held that the Adjudicating Authority erred in fastening liability on all directors merely based on their directorship status without establishing actual involvement in disputed transactions. The proceedings violated principles of natural justice as the appellant was not properly served with show cause notice and proceeded ex parte despite having left service during the relevant period. The AT found the adjudication order arbitrary and not in consonance with law. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sat, 05 Oct 2024 20:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458054 The Appellate Tribunal for Foreign Exchange, New Delhi allowed the appeal against penalty imposed under Section 8 of FEMA, 1999 for non-realization of export bills. The AT held that the Adjudicating Authority erred in fastening liability on all directors merely based on their directorship status without establishing actual involvement in disputed transactions. The proceedings violated principles of natural justice as the appellant was not properly served with show cause notice and proceeded ex parte despite having left service during the relevant period. The AT found the adjudication order arbitrary and not in consonance with law. Case-Laws FEMA Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458054