https://www.taxtmi.com/highlights?id=94287 The AT affirmed findings that extensive multi-statute investigations, including DRI seizures and electronic material, established contraventions of Section 3(b) of FEMA by the principal operative and the corporate appellant for hawala-based under-valuation of imports; retracted statements were rejected and electronic records admitted under FEMA s.39. Penalties were mitigated: individual liable reduced to Rs.2,000,000 (pre-deposit adjusted) and corporate appellant to Rs.1,500,000. Two director appellants were exonerated and held not liable under Section 42 of FEMA. Appeals by the principal and the corporate appellant were partly allowed; appeals by the two directors were allowed in full. Pending applications disposed of accordingly. en-us Wed, 19 Nov 2025 08:52:42 +0530 Wed, 19 Nov 2025 08:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94287 The AT affirmed findings that extensive multi-statute investigations, including DRI seizures and electronic material, established contraventions of Section 3(b) of FEMA by the principal operative and the corporate appellant for hawala-based under-valuation of imports; retracted statements were rejected and electronic records admitted under FEMA s.39. Penalties were mitigated: individual liable reduced to Rs.2,000,000 (pre-deposit adjusted) and corporate appellant to Rs.1,500,000. Two director appellants were exonerated and held not liable under Section 42 of FEMA. Appeals by the principal and the corporate appellant were partly allowed; appeals by the two directors were allowed in full. Pending applications disposed of accordingly. Highlights FEMA Wed, 19 Nov 2025 08:52:42 +0530 https://www.taxtmi.com/highlights?id=94287