https://www.taxtmi.com/caselaws?id=772489 The Appellate Tribunal under SAFEMA at New Delhi allowed the appeal against penalties imposed for FEMA violations involving short-realization of export proceeds. For the first transaction, the Tribunal found the short-realization was due to circumstances beyond the appellant company's control, and the company had made bona fide efforts including court proceedings and proper REX form submissions. The Tribunal held that FEMA does not mandate penalties in all cases of non-realization, particularly where the appellant acted in good faith. For the second transaction, the Tribunal found no negligence established by respondents. Consequently, penalties on both the company and individual appellants were set aside. en-us Fri, 30 May 2025 00:00:00 +0530 Tue, 10 Jun 2025 08:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772489 The Appellate Tribunal under SAFEMA at New Delhi allowed the appeal against penalties imposed for FEMA violations involving short-realization of export proceeds. For the first transaction, the Tribunal found the short-realization was due to circumstances beyond the appellant company's control, and the company had made bona fide efforts including court proceedings and proper REX form submissions. The Tribunal held that FEMA does not mandate penalties in all cases of non-realization, particularly where the appellant acted in good faith. For the second transaction, the Tribunal found no negligence established by respondents. Consequently, penalties on both the company and individual appellants were set aside. Case-Laws FEMA Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772489