https://www.taxtmi.com/caselaws?id=458091 The Appellate Tribunal for FEMA upheld penalty imposed on appellant for outward remittances in 39 tranches abroad disguised as advance for imports. The tribunal ruled that under Section 13(1) FEMA, penalty imposition up to three times the contravention amount is discretionary, requiring judicious exercise by the Adjudicating Authority. The Authority imposed penalty slightly over fifty percent for each contravention, totaling over hundred percent, which the tribunal found objective and judicious. Appeal failed as appellant could not demonstrate improper exercise of discretion by the Adjudicating Authority. en-us Tue, 30 May 2023 00:00:00 +0530 Tue, 08 Oct 2024 07:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458091 The Appellate Tribunal for FEMA upheld penalty imposed on appellant for outward remittances in 39 tranches abroad disguised as advance for imports. The tribunal ruled that under Section 13(1) FEMA, penalty imposition up to three times the contravention amount is discretionary, requiring judicious exercise by the Adjudicating Authority. The Authority imposed penalty slightly over fifty percent for each contravention, totaling over hundred percent, which the tribunal found objective and judicious. Appeal failed as appellant could not demonstrate improper exercise of discretion by the Adjudicating Authority. Case-Laws FEMA Tue, 30 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458091