2003 (4) TMI 612 - AT - FEMA

Summary

The appeal was filed against the order of penalty passed under FERA, 1973. The appellant was found guilty of contravening statutory provisions and imposed with a penalty of Rs. 6,00,000. The appellant challenged the findings, and the penalty was set aside as there was no convincing material to establish guilt. The appeal was allowed, and the impugned finding and penalty were set aside.