https://www.taxtmi.com/caselaws?id=459760 The Appellate Tribunal under SAFEMA upheld FEMA violations against the company for failing to submit proof of imports for 10 remittances abroad, establishing contraventions under Section 10(6) r/w 10(5) of FEMA. However, charges against four directors were dismissed as three were appointed after the transactions occurred and one was a non-executive director not involved in daily operations. The company's penalty was reduced from the original amount to Rs. 5,00,000 considering substantial regular imports with only miniscule violations. The Rs. 1,00,000 penalty imposed on each director was quashed entirely. en-us Mon, 03 Jul 2023 00:00:00 +0530 Thu, 26 Dec 2024 22:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459760 The Appellate Tribunal under SAFEMA upheld FEMA violations against the company for failing to submit proof of imports for 10 remittances abroad, establishing contraventions under Section 10(6) r/w 10(5) of FEMA. However, charges against four directors were dismissed as three were appointed after the transactions occurred and one was a non-executive director not involved in daily operations. The company's penalty was reduced from the original amount to Rs. 5,00,000 considering substantial regular imports with only miniscule violations. The Rs. 1,00,000 penalty imposed on each director was quashed entirely. Case-Laws FEMA Mon, 03 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459760