Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
FEMA - Highlights / Catch Notes

Home Highlights August 2024 Year 2024 This

The case involves an offense u/s 5 of FEMA for carrying US$ ...


Business trip with $50,000 in Cheques without permission led to FEMA violation. Appellant not liable, but Finance Manager aware. Penalties reduced.

August 13, 2024

Case Laws     FEMA     AT

The case involves an offense u/s 5 of FEMA for carrying US$ 50,000 in Travelers Cheques without necessary permissions for a business trip. The appellant was not directly involved in applying for the foreign exchange, which was done by company directors. Despite lack of awareness, appellant was held liable for not verifying RBI permission. Finance Manager was found vicariously liable for being aware of the violation. Penalties were reduced for the appellants due to their minor roles. The appeal partially allowed, reducing penalties to Rs. 50,000 each, already pre-deposited.

View Source

 


 

You may also like:

  1. The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

  2. HC allowed the petition and set aside the impugned order and notice u/s 148A(b). AO failed to establish that petitioner had received any amount exceeding Rs. 50,00,000/-...

  3. Dishonour of cheque case - petitioner-accused failed to deposit the amount despite existence of legally enforceable debt/liability. No evidence led to rebut presumption...

  4. The case involved legality of assessment u/s 153A without search or Panchnama. The search warrant named the assessee company, rejecting the objection. No incriminating...

  5. Demand Interest u/s 201(1A) - Non deduction TDS u/s 194IA - As per the sale deed the details of the sellers / transferors of the said property and in fact the sellers...

  6. 100% EOU - similar goods or not - when the permission granted to appellant has not listed any specific components of a turbo charger but instead has only indicated...

  7. Addition u/s. 68 - AO cannot extrapolate 50 and interpret 50 as 50,00,000, 575 as 575 lakhs without any corroborative/demonstrative evidence - additions made merely on...

  8. Cash deposited by the assessee jointly with his father - So far as regards the AO's observation that NRIs cannot purchase agricultural land in India without RBI...

  9. The appellant acquired and sold foreign currencies to Indian residents in violation of Section 3(a) of FEMA, 1999. The validity of the search and seizure conducted by...

  10. The court held that the tax liability arising from the deletion of additions under the remand order would be less than Rs. 1,00,00,000, rendering the appeal...

  11. CESTAT upheld the demand for differential duty on imported betel nuts from Indonesia, rejecting the appellant's objection regarding time limitation. The Tribunal...

  12. Reopening of assessment beyond three years requires sanction from Principal Chief Commissioner of Income Tax, whereas the assessee obtained sanction from Principal...

  13. The petitioner sought release of an export subsidy of Rs. 8,08,50,000/-. The respondent confirmed that the milk powder exported by the petitioner, amounting to 1617...

  14. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures - FEMA

  15. ITAT held revisionary powers under s.263 cannot be invoked as assessment order was neither erroneous nor prejudicial to Revenue's interests. During survey, assessee...

 

Quick Updates:Latest Updates