https://www.taxtmi.com/caselaws?id=770868 The Appellate Tribunal under SAFEMA upheld contraventions by appellant bank of FEMA Sections 6(3)(b), 10(5) and 47(3) for allowing outward remittance of Rs. 140 crores without RBI approval. The bank facilitated share transactions valued using DCF method at inflated prices without proper due diligence or valuation verification. While confirming the violations, the Tribunal found the Rs. 14 crore penalty disproportionate compared to penalties on other parties and reduced it to Rs. 1.4 crores, disposing of the appeal with this modification. en-us Thu, 17 Apr 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770868 The Appellate Tribunal under SAFEMA upheld contraventions by appellant bank of FEMA Sections 6(3)(b), 10(5) and 47(3) for allowing outward remittance of Rs. 140 crores without RBI approval. The bank facilitated share transactions valued using DCF method at inflated prices without proper due diligence or valuation verification. While confirming the violations, the Tribunal found the Rs. 14 crore penalty disproportionate compared to penalties on other parties and reduced it to Rs. 1.4 crores, disposing of the appeal with this modification. Case-Laws FEMA Thu, 17 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770868