https://www.taxtmi.com/caselaws?id=759793 The AT upheld penalty imposition on a company and director for 24-day delay in reporting USD 3.09 million FDI receipt, violating FEMA Section 6(3)(b) and Regulation 5(1) of 2000. The appellant's excuse of online reporting system teething problems was rejected as the system operated for a year before becoming mandatory. The tribunal found the company had previous reporting delays, indicating non-compliance pattern. While confirming liability, the AT reduced penalty from Rs. 20 crores to Rs. 2 crores for the company and Rs. 5 crores to Rs. 5 lakhs for the director, citing excessiveness of original quantum. en-us Mon, 08 Apr 2024 00:00:00 +0530 Tue, 08 Oct 2024 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759793 The AT upheld penalty imposition on a company and director for 24-day delay in reporting USD 3.09 million FDI receipt, violating FEMA Section 6(3)(b) and Regulation 5(1) of 2000. The appellant's excuse of online reporting system teething problems was rejected as the system operated for a year before becoming mandatory. The tribunal found the company had previous reporting delays, indicating non-compliance pattern. While confirming liability, the AT reduced penalty from Rs. 20 crores to Rs. 2 crores for the company and Rs. 5 crores to Rs. 5 lakhs for the director, citing excessiveness of original quantum. Case-Laws FEMA Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759793