https://www.taxtmi.com/highlights?id=94675 AT held the appellant firm contravened s.10(6) FEMA read with para 6(1) of the 2000 Regulations by remitting foreign exchange abroad against empty containers without due diligence and by failing to take serious legal steps to recover the remittance. The firm's plea of having been cheated was accepted only to the extent of mitigating penalty, which was reduced to 25% of that imposed in the impugned order, with FDR pre-deposit, if encashable, to be adjusted towards the reduced penalty. Penalty against the deceased individual appellant, represented through legal representative, was set aside. The firm's appeal was partly allowed; the individual's appeal was allowed. en-us Tue, 02 Dec 2025 08:35:09 +0530 Tue, 02 Dec 2025 08:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94675 AT held the appellant firm contravened s.10(6) FEMA read with para 6(1) of the 2000 Regulations by remitting foreign exchange abroad against empty containers without due diligence and by failing to take serious legal steps to recover the remittance. The firm's plea of having been cheated was accepted only to the extent of mitigating penalty, which was reduced to 25% of that imposed in the impugned order, with FDR pre-deposit, if encashable, to be adjusted towards the reduced penalty. Penalty against the deceased individual appellant, represented through legal representative, was set aside. The firm's appeal was partly allowed; the individual's appeal was allowed. Highlights FEMA Tue, 02 Dec 2025 08:35:09 +0530 https://www.taxtmi.com/highlights?id=94675