Order u/s 19(1) of FEMA imposing penalty for contravention of ...

Penalty under FEMA for company's violations; in-charge liability reversed due to lack of knowledge and due diligence exercised.

Case Laws FEMA

September 19, 2024

Order u/s 19(1) of FEMA imposing penalty for contravention of Section 42(1) challenged. Transactions carried out in violation of FEMA provisions. Liability of person in-charge and responsible for company's conduct of business. Deeming clause holds in-charge liable, with proviso excluding those without knowledge and exercising due diligence. Appellant claimed not being in-charge of compliances, with safeguards and policy in place. Adjudicating Authority silent on Appellant's role and plea. Appellant proved contravention without knowledge and due diligence exercised. Impugned order set aside by Appellate Tribunal in favor of Appellant.

View Source

← Previous Next →

Order u/s 19(1) of FEMA imposing penalty for contravention of ...

Penalty under FEMA for company's violations; in-charge liability reversed due to lack of knowledge and due diligence exercised.

Case Laws FEMA

September 19, 2024

You may also like:

Penalty imposed u/s 114(1) of the Customs Act, 1962 for alleged abetment of illegal export by arranging lorries. Lack of admissible evidence showing knowledge of goods...

Service provided by a director to Company - reverse charge system is applicable

The case pertains to the levy of service tax under the reverse charge mechanism (RCM) on rental payments made by a company to its directors for renting immovable...

Penalty u/s 271D for violation of Section 269SS was challenged. ITAT held that where assessee received sale consideration for immovable property in cash exceeding Rs....

Levy of GST - Reverse Charge Mechanism (RCM) - whole-time director - A director who has taken an employment in the company may be functioning in dual capacities, namely,...

Demand of Service Tax - Reverse charge mechanism - import of services - As such it is not the liability of service recipient but the liability of service provider which...

The case involves an offence under FEMA with regard to the business conduct of a company. The liability of a director for contravention of provisions depends on their...

Customs broker's license suspension case involving violations of Regulations 10(d) and 10(e) of Customs Brokers Licensing Regulations (CBLR), 2018. Gross mis-declaration...

Debts due to secured creditors under SARFAESI Act have priority over debts under FEMA. SARFAESI Act being a later enactment prevails over earlier FEMA. SARFAESI Act...

Levy of service tax under the reverse charge mechanism for manpower services imported from an overseas group company. The agreement involved secondment of employees from...

Penalty imposed under FEMA for non-compliance with Paragraph 9(1)(B) of Schedule 1 to FEMA Regulations, 2000. Section 13 FEMA does not require intention for penalizing...

Transfer of ESOP/ESPP/RSU by foreign holding company to employees of domestic subsidiary company does not attract GST where no additional fee, markup or commission is...

Violation of provisions of Section 10(6) of the FEMA Act - Responsibility of Authorised person - Considering the fact that the appellant admittedly became aware of the...

Violation under FERA - charge u/s. 56 of FERA - Company being in Liquidation - Whether the charge against the Company can be framed through the petitioner? - Petitioner...

The director's remuneration in the form of commission based on a percentage of the company's total profit is not subject to service tax under the reverse charge...

Quick Updates: