2002 (9) TMI 908 - AT - FEMA

Summary

The appellant deposited penalty of Rs. 45,000. 72.9% of export value realized before order. Balance of $8514 not realized. Penalty on partner not permissible once imposed on firm. Penalty reduced to Rs. 30,000 on firm. Penalty on partner set aside. Rs. 15,000 to be returned to appellant.