https://www.taxtmi.com/caselaws?id=767755 The Tribunal overturned the penalties imposed on the appellant, finding insufficient evidence to prove contraventions of Sections 3(b) and 3(d) of the Foreign Exchange Management Act, 1999. The appellant, a Custom Clearance Agent, was alleged to have made unauthorized payments to persons outside India and engaged in financial transactions related to acquiring assets outside India. However, the Tribunal concluded that the evidence did not substantiate these claims, emphasizing the necessity of concrete evidence for such allegations. The appeal was allowed, and the impugned order was set aside. en-us Tue, 04 Mar 2025 00:00:00 +0530 Mon, 24 Mar 2025 19:12:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767755 The Tribunal overturned the penalties imposed on the appellant, finding insufficient evidence to prove contraventions of Sections 3(b) and 3(d) of the Foreign Exchange Management Act, 1999. The appellant, a Custom Clearance Agent, was alleged to have made unauthorized payments to persons outside India and engaged in financial transactions related to acquiring assets outside India. However, the Tribunal concluded that the evidence did not substantiate these claims, emphasizing the necessity of concrete evidence for such allegations. The appeal was allowed, and the impugned order was set aside. Case-Laws FEMA Tue, 04 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767755