Appellate Tribunal overturns Rs. 50 lakh penalty on export agent, finds no FERA violation.

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....The AT set aside the penalty of Rs. 50 lakhs imposed on the appellant, an export proceeds agent who prepared documents for M/s Sparkle Gems Industries (P) Ltd by charging Rs. 750 per export document. The AT held there was no material to allege contravention of Sections 18(2) and 18(3) of the FERA Act, 1973 by the appellant, who was not shown to be part of the company. The impugned order was passed in ignorance of appellant's position. The appeal was allowed and the pre-deposited amount was directed to be released in favor of the appellant.....