https://www.taxtmi.com/caselaws?id=764787 The Appellate Tribunal under SAFEMA upheld FEMA violations against the appellant who fraudulently availed Central Excise Duty rebate using fake shipping bills. The tribunal ruled that immunity granted by the Settlement Commission under Customs Act did not extend to FEMA proceedings. The appellant received advance remittances of US$ 10,54,310.36 without actual exports, violating Section 7 of FEMA. Despite finding mitigating factors including lack of active collusion and full disclosure to Settlement Commission, the tribunal imposed a reduced penalty of Rs. 5 lakhs, noting FEMA penalties are civil in nature for technical lapses. en-us Mon, 06 Jan 2025 00:00:00 +0530 Fri, 17 Jan 2025 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764787 The Appellate Tribunal under SAFEMA upheld FEMA violations against the appellant who fraudulently availed Central Excise Duty rebate using fake shipping bills. The tribunal ruled that immunity granted by the Settlement Commission under Customs Act did not extend to FEMA proceedings. The appellant received advance remittances of US$ 10,54,310.36 without actual exports, violating Section 7 of FEMA. Despite finding mitigating factors including lack of active collusion and full disclosure to Settlement Commission, the tribunal imposed a reduced penalty of Rs. 5 lakhs, noting FEMA penalties are civil in nature for technical lapses. Case-Laws FEMA Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764787