https://www.taxtmi.com/caselaws?id=776224 Penalties for FEMA-linked export realisation and import remittance contraventions were reconsidered where a later bank report showed the outstanding exposure was materially lower than the figures used in adjudication, so the company's penalty was proportionately reassessed and reduced. The director's penalty was not sustained because he was not holding or operating the relevant position during the material period, leaving no basis to fasten personal liability. The impugned order was modified accordingly, with the company's penalty reduced and the director exonerated. en-us Tue, 08 Jul 2025 00:00:00 +0530 Thu, 07 Aug 2025 07:03:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776224 Penalties for FEMA-linked export realisation and import remittance contraventions were reconsidered where a later bank report showed the outstanding exposure was materially lower than the figures used in adjudication, so the company's penalty was proportionately reassessed and reduced. The director's penalty was not sustained because he was not holding or operating the relevant position during the material period, leaving no basis to fasten personal liability. The impugned order was modified accordingly, with the company's penalty reduced and the director exonerated. Case-Laws FEMA Tue, 08 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776224