2005 (7) TMI 737 - AT - FEMA

Summary

The Appellate Tribunal for Foreign Exchange in New Delhi overturned a penalty of Rs. 20 lakhs on an Appellant-company and Rs. 5 lakhs on another Appellant for contravention of FER Act, 1973 due to failure to provide proof of import of goods after receiving foreign exchange remittances. The Tribunal found that all remittances were explained and the legal obligation was satisfied, therefore setting aside the Adjudication Order. The appeals were allowed.