https://www.taxtmi.com/caselaws?id=458092 The Appellate Tribunal SAFEMA dismissed an appeal seeking enhancement of penalty under FEMA 1999. The case involved a 2-day delay in filing FC-GPR after share issuance. The Tribunal held that Section 13(1) FEMA provides discretionary penalty up to three times the contravention amount, with no fixed minimum. The Adjudicating Authority properly exercised discretion by imposing lenient penalties, considering the contraventions were technical in nature rather than substantive violations. The Authority's judicious approach in penalty imposition met the ends of justice and could not be interfered with. en-us Mon, 03 Jul 2023 00:00:00 +0530 Mon, 07 Oct 2024 14:10:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458092 The Appellate Tribunal SAFEMA dismissed an appeal seeking enhancement of penalty under FEMA 1999. The case involved a 2-day delay in filing FC-GPR after share issuance. The Tribunal held that Section 13(1) FEMA provides discretionary penalty up to three times the contravention amount, with no fixed minimum. The Adjudicating Authority properly exercised discretion by imposing lenient penalties, considering the contraventions were technical in nature rather than substantive violations. The Authority's judicious approach in penalty imposition met the ends of justice and could not be interfered with. Case-Laws FEMA Mon, 03 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458092