https://www.taxtmi.com/caselaws?id=794444 FEMA penalties must match the precise statutory precondition invoked: Section 3(b) covered advance remittances to overseas suppliers, so liability under that provision was sustained, but the quantum was reduced. Section 10(6) read with Regulation 6(1) could not be applied to the proprietrix on the footing adopted in the adjudication, because the regulation applies to a person other than an individual resident in India; the corresponding penalty was deleted. Separate penalties on the authorised signatory were also unsustainable where he acted under a power of attorney for the proprietrix, because acts done in that capacity bind the grantor and do not warrant multiple penalties for the same business contraventions. en-us Thu, 02 Jul 2026 00:00:00 +0530 Mon, 06 Jul 2026 08:26:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794444 FEMA penalties must match the precise statutory precondition invoked: Section 3(b) covered advance remittances to overseas suppliers, so liability under that provision was sustained, but the quantum was reduced. Section 10(6) read with Regulation 6(1) could not be applied to the proprietrix on the footing adopted in the adjudication, because the regulation applies to a person other than an individual resident in India; the corresponding penalty was deleted. Separate penalties on the authorised signatory were also unsustainable where he acted under a power of attorney for the proprietrix, because acts done in that capacity bind the grantor and do not warrant multiple penalties for the same business contraventions. Case-Laws FEMA Thu, 02 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794444