https://www.taxtmi.com/caselaws?id=761848 The Appellate Tribunal under SAFEMA dismissed the appeal challenging penalty imposed under Section 13 of FEMA, 1999 for under-invoicing imports. The appellant imported goods worth Rs. 6,01,82,311 against declared value of Rs. 1,71,62,087 across 26 Bills of Entry, paying the differential amount in cash to Japanese suppliers in Indian Rupees, violating Section 3(b) of FEMA. The Tribunal held that ED's reliance on DRI's Customs Act investigation was valid as both agencies can share information for enforcement under respective Acts. The appellant's statements recorded over 9 months consistently admitted the contraventions before both DRI and ED. The Tribunal rejected challenges regarding SCN vagueness, change in adjudicating authority, and calculation of penalty amount, confirming the violation and upholding the penalty. en-us Thu, 10 Oct 2024 00:00:00 +0530 Tue, 19 Nov 2024 08:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761848 The Appellate Tribunal under SAFEMA dismissed the appeal challenging penalty imposed under Section 13 of FEMA, 1999 for under-invoicing imports. The appellant imported goods worth Rs. 6,01,82,311 against declared value of Rs. 1,71,62,087 across 26 Bills of Entry, paying the differential amount in cash to Japanese suppliers in Indian Rupees, violating Section 3(b) of FEMA. The Tribunal held that ED's reliance on DRI's Customs Act investigation was valid as both agencies can share information for enforcement under respective Acts. The appellant's statements recorded over 9 months consistently admitted the contraventions before both DRI and ED. The Tribunal rejected challenges regarding SCN vagueness, change in adjudicating authority, and calculation of penalty amount, confirming the violation and upholding the penalty. Case-Laws FEMA Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761848