https://www.taxtmi.com/caselaws?id=764833 Documentary evidence of correspondence, invoices, remittance instructions, bank drafts and ownership records was treated as sufficient to establish that the company had acquired, transferred and borrowed foreign exchange in connection with aircraft import, amounting to contravention of Section 8(1) of the Foreign Exchange Regulation Act, 1973. The company's contravention was upheld, but the penalty was reduced to 25% of the amount originally imposed. Vicarious liability could not be fastened on the second appellant because no material showed that he was in charge of, and responsible for, the conduct of the company's business at the relevant time; the penalty against him was therefore set aside. en-us Wed, 08 Jan 2025 00:00:00 +0530 Mon, 20 Jan 2025 08:10:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764833 Documentary evidence of correspondence, invoices, remittance instructions, bank drafts and ownership records was treated as sufficient to establish that the company had acquired, transferred and borrowed foreign exchange in connection with aircraft import, amounting to contravention of Section 8(1) of the Foreign Exchange Regulation Act, 1973. The company's contravention was upheld, but the penalty was reduced to 25% of the amount originally imposed. Vicarious liability could not be fastened on the second appellant because no material showed that he was in charge of, and responsible for, the conduct of the company's business at the relevant time; the penalty against him was therefore set aside. Case-Laws FEMA Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764833