https://www.taxtmi.com/caselaws?id=762955 The Appellate Tribunal under SAFEMA set aside a penalty imposed on a company for alleged FEMA violations regarding foreign exchange remittances without corresponding import documentation. The company had made 35 remittances totaling foreign exchange for importing electronic goods but failed to submit Bills of Entry. During investigation, the company traced documents for 30 remittances, leaving 5 disputed instances with ANZ Grindlays Bank. For 3 of these 5 remittances, the company provided invoices and airway bills proving imports. The Tribunal held that for the remaining 2 remittances (USD 38,550), the company should receive benefit of doubt due to the bank's negligence in not informing RBI and the passage of 13-14 years, setting aside the penalty order. en-us Wed, 23 Oct 2024 00:00:00 +0530 Tue, 10 Dec 2024 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762955 The Appellate Tribunal under SAFEMA set aside a penalty imposed on a company for alleged FEMA violations regarding foreign exchange remittances without corresponding import documentation. The company had made 35 remittances totaling foreign exchange for importing electronic goods but failed to submit Bills of Entry. During investigation, the company traced documents for 30 remittances, leaving 5 disputed instances with ANZ Grindlays Bank. For 3 of these 5 remittances, the company provided invoices and airway bills proving imports. The Tribunal held that for the remaining 2 remittances (USD 38,550), the company should receive benefit of doubt due to the bank's negligence in not informing RBI and the passage of 13-14 years, setting aside the penalty order. Case-Laws FEMA Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762955