1998 (1) TMI 541 - AT - FEMA

Summary

The Appellate Tribunal set aside the adjudication order imposing penalties on the appellant-firm for contravention of the Foreign Exchange Regulation Act, 1973. The Tribunal found that the non-realization of export proceeds was beyond the control of the appellants due to an embargo by the Yemen Government. The Tribunal held that the appellant cannot be held liable for the outstanding amount and directed that the penalties cannot be imposed.