https://www.taxtmi.com/caselaws?id=776532 The AT under SAFEMA upheld contraventions of FEMA 1999 and Regulations 2000 against the appellant company and several individuals for unauthorized receipt of foreign remittances treated as FDI. The penalty on the company was reduced from Rs. 230 crores to Rs. 80.50 crores, with the company required to pay the reduced amount. Individual penalties were also reduced proportionately: the ex-Chairman and other directors faced lowered fines reflecting their roles and vicarious liability under Section 42 of FEMA. One employee's penalty was quashed, as he lacked independent responsibility. The Tribunal confirmed that certain inward remittances did not qualify as earnings for EEFC credit and that the penalty imposition was justified but required moderation to avoid disproportionality. en-us Wed, 09 Jul 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776532 The AT under SAFEMA upheld contraventions of FEMA 1999 and Regulations 2000 against the appellant company and several individuals for unauthorized receipt of foreign remittances treated as FDI. The penalty on the company was reduced from Rs. 230 crores to Rs. 80.50 crores, with the company required to pay the reduced amount. Individual penalties were also reduced proportionately: the ex-Chairman and other directors faced lowered fines reflecting their roles and vicarious liability under Section 42 of FEMA. One employee's penalty was quashed, as he lacked independent responsibility. The Tribunal confirmed that certain inward remittances did not qualify as earnings for EEFC credit and that the penalty imposition was justified but required moderation to avoid disproportionality. Case-Laws FEMA Wed, 09 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776532