https://www.taxtmi.com/caselaws?id=763731 The Appellate Tribunal under SAFEMA found contravention of Section 10(6) of FEMA where appellant imported copper scrap in 10 containers that arrived empty, despite remitting US$ 6,56,864 through foreign exchange. The Tribunal set aside the penalty against one appellant who was not responsible for business conduct, while reducing the penalty for the other appellant to 25% of the original amount, finding the initial penalty excessive given insufficient efforts to recover the defrauded amount through legal proceedings. en-us Tue, 26 Nov 2024 00:00:00 +0530 Fri, 27 Dec 2024 09:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763731 The Appellate Tribunal under SAFEMA found contravention of Section 10(6) of FEMA where appellant imported copper scrap in 10 containers that arrived empty, despite remitting US$ 6,56,864 through foreign exchange. The Tribunal set aside the penalty against one appellant who was not responsible for business conduct, while reducing the penalty for the other appellant to 25% of the original amount, finding the initial penalty excessive given insufficient efforts to recover the defrauded amount through legal proceedings. Case-Laws FEMA Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763731