https://www.taxtmi.com/highlights?id=105199 Reasoned adjudicatory orders imposing or affirming FEMA penalties must disclose the evidence and reasons supporting liability. Where the Tribunal accepted the company's explanation for seized Indian and foreign currency, it had to address any further evidence justifying penalties against the appellant; reasons could not be inferred merely from factual narration. The High Court set aside the Tribunal's order because it did not reveal the basis for affirming the penalties, and remanded the appeal for fresh, reasoned adjudication uninfluenced by earlier observations. en-us Wed, 21 Oct 2026 08:37:56 +0530 Wed, 21 Oct 2026 08:37:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105199 Reasoned adjudicatory orders imposing or affirming FEMA penalties must disclose the evidence and reasons supporting liability. Where the Tribunal accepted the company's explanation for seized Indian and foreign currency, it had to address any further evidence justifying penalties against the appellant; reasons could not be inferred merely from factual narration. The High Court set aside the Tribunal's order because it did not reveal the basis for affirming the penalties, and remanded the appeal for fresh, reasoned adjudication uninfluenced by earlier observations. Highlights FEMA Wed, 21 Oct 2026 08:37:56 +0530 https://www.taxtmi.com/highlights?id=105199