https://www.taxtmi.com/caselaws?id=458116 The Appellate Tribunal SAFEMA upheld FEMA violations for holding unauthorized Geneva bank accounts without RBI approval. The Tribunal rejected the mens rea defense, ruling that FEMA penalties are civil obligations requiring no guilty intent. Despite appellants bringing back Rs. 6.14 crores and paying income tax, penalties were reduced from Rs. 5 crores total to Rs. 72.5 lakhs based on pre-deposits made. Appellant No. 1 received higher penalty due to greater involvement in foreign account transfers. en-us Wed, 26 Jul 2023 00:00:00 +0530 Tue, 08 Oct 2024 23:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458116 The Appellate Tribunal SAFEMA upheld FEMA violations for holding unauthorized Geneva bank accounts without RBI approval. The Tribunal rejected the mens rea defense, ruling that FEMA penalties are civil obligations requiring no guilty intent. Despite appellants bringing back Rs. 6.14 crores and paying income tax, penalties were reduced from Rs. 5 crores total to Rs. 72.5 lakhs based on pre-deposits made. Appellant No. 1 received higher penalty due to greater involvement in foreign account transfers. Case-Laws FEMA Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458116