https://www.taxtmi.com/caselaws?id=772423 The AT upheld FEMA violations against NRI who purchased agricultural land and constructed hotel between 1995-2010, bringing Rs. 2.59 crores through NRE account. Properties were sold for Rs. 15.25 crores with Rs. 2.5 crores remitted to joint account. While violations were confirmed, AT reduced penalties considering appellant surrendered equivalent FCNR receipts showing no foreign exchange loss. Company penalty reduced from Rs. 25 lakhs to Rs. 5 lakhs, individual penalties reduced from Rs. 1 lakh each to Rs. 50,000 each. en-us Mon, 10 Mar 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772423 The AT upheld FEMA violations against NRI who purchased agricultural land and constructed hotel between 1995-2010, bringing Rs. 2.59 crores through NRE account. Properties were sold for Rs. 15.25 crores with Rs. 2.5 crores remitted to joint account. While violations were confirmed, AT reduced penalties considering appellant surrendered equivalent FCNR receipts showing no foreign exchange loss. Company penalty reduced from Rs. 25 lakhs to Rs. 5 lakhs, individual penalties reduced from Rs. 1 lakh each to Rs. 50,000 each. Case-Laws FEMA Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772423