https://www.taxtmi.com/caselaws?id=761811 The Tribunal upheld the contravention of FEMA provisions by the appellants, a company and its directors, for failing to realize export proceeds. Despite claims of reasonable recovery efforts, insufficient evidence was found. Consequently, the penalty was reduced to Rs. 2,00,000 for each director, with pre-deposits adjusted against this amount. Appeals were partly allowed. en-us Tue, 03 Sep 2024 00:00:00 +0530 Sat, 16 Nov 2024 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761811 The Tribunal upheld the contravention of FEMA provisions by the appellants, a company and its directors, for failing to realize export proceeds. Despite claims of reasonable recovery efforts, insufficient evidence was found. Consequently, the penalty was reduced to Rs. 2,00,000 for each director, with pre-deposits adjusted against this amount. Appeals were partly allowed. Case-Laws FEMA Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761811