https://www.taxtmi.com/caselaws?id=782568 AT partly allowed the appeal arising from penal proceedings for contravention of Section 6(3)(b) FEMA read with Para 8 of Schedule I to the 2000 Regulations, concerning non-issuance of shares within 180 days of foreign remittance. AT held that the appellant, as Managing Director during the relevant period, was liable under Section 42(1) FEMA, rejecting the contention that the violation was merely technical or unintentional, as Section 13(1) FEMA does not require mens rea. However, considering that the appellant had resigned and ceased responsibility for the company, AT reduced the quantum of penalty, directing adjustment of the pre-deposit towards the reduced amount. en-us Wed, 19 Nov 2025 00:00:00 +0530 Tue, 02 Dec 2025 08:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782568 AT partly allowed the appeal arising from penal proceedings for contravention of Section 6(3)(b) FEMA read with Para 8 of Schedule I to the 2000 Regulations, concerning non-issuance of shares within 180 days of foreign remittance. AT held that the appellant, as Managing Director during the relevant period, was liable under Section 42(1) FEMA, rejecting the contention that the violation was merely technical or unintentional, as Section 13(1) FEMA does not require mens rea. However, considering that the appellant had resigned and ceased responsibility for the company, AT reduced the quantum of penalty, directing adjustment of the pre-deposit towards the reduced amount. Case-Laws FEMA Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782568