https://www.taxtmi.com/caselaws?id=777708 AT upheld the penalty on Respondent No.1 (subject to cross-appeal) and allowed the appeal in part by enhancing penalties on Respondent No.2 and Respondent No.3 to Rs.1,00,00,000 each. The tribunal found Respondent No.2 and No.3 responsible for causing foreign exchange loss of Rs.23,63,89,843 through Respondent No.1 and purchasing assets abroad to the extent of Rs.4,89,69,850, concluding they were the masterminds of the contraventions under FEMA and related regulations. en-us Wed, 16 Jul 2025 00:00:00 +0530 Thu, 04 Sep 2025 08:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777708 AT upheld the penalty on Respondent No.1 (subject to cross-appeal) and allowed the appeal in part by enhancing penalties on Respondent No.2 and Respondent No.3 to Rs.1,00,00,000 each. The tribunal found Respondent No.2 and No.3 responsible for causing foreign exchange loss of Rs.23,63,89,843 through Respondent No.1 and purchasing assets abroad to the extent of Rs.4,89,69,850, concluding they were the masterminds of the contraventions under FEMA and related regulations. Case-Laws FEMA Wed, 16 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777708