https://www.taxtmi.com/caselaws?id=781566 The AT upheld findings that the appellant evaded customs duty and improperly netted export receivables against import payables without using an Authorised Dealer bank as required by the RBI Circular, rejecting the netting as a mere procedural lapse. Contraventions under Section 8 of FEMA warranted penalty under Section 13(1) FEMA; however, considering existing liabilities, the AT reduced the penalty to Rs.10,00,000 and directed that the appellant's pre-deposit be adjusted against this reduced amount. The appeal was partly allowed. en-us Thu, 13 Nov 2025 00:00:00 +0530 Tue, 18 Nov 2025 08:42:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781566 The AT upheld findings that the appellant evaded customs duty and improperly netted export receivables against import payables without using an Authorised Dealer bank as required by the RBI Circular, rejecting the netting as a mere procedural lapse. Contraventions under Section 8 of FEMA warranted penalty under Section 13(1) FEMA; however, considering existing liabilities, the AT reduced the penalty to Rs.10,00,000 and directed that the appellant's pre-deposit be adjusted against this reduced amount. The appeal was partly allowed. Case-Laws FEMA Thu, 13 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781566