Appellant applied for rebate of Central Excise Duty by producing ...

Proprietor penalized Rs. 5 lakhs for FEMA violation despite lack of mens rea.

January 18, 2025

Case Laws FEMA AT

Appellant applied for rebate of Central Excise Duty by producing fake shipping bills, fraudulently availing rebate. Settlement Commission order stated no immunity granted under FEMA. Findings conclusive - remittances received without actual exports, documents bore appellant's signatures, export proceeds realized by appellant without written arrangement. Delay irrelevant as FEMA violations civil in nature. Appellant responsible as proprietor to ensure export realization. Contravened FEMA by not making shipments within one year of receiving advance remittances. Penalty imposable despite lack of mens rea. Mitigating factors - appeared all documentation completed, later known documents forged, full disclosure to Settlement Commission, paid liabilities. No evidence of active collusion in forgery. Penalty reduced to Rs. 5 lakhs by AT.

View Source

← Previous Next →

Appellant applied for rebate of Central Excise Duty by producing ...

Proprietor penalized Rs. 5 lakhs for FEMA violation despite lack of mens rea.

January 18, 2025

Case Laws FEMA AT

You may also like:

ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not...

Appellant imported fermented and dried processed Sumatra cocoa beans which failed to conform to IS 8865:2003 standards as per FSSAI and BIS testing. Adjudicating...

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

The appellate tribunal examined the penalty imposed on the company and individual for contravention of Section 6(3)(a) of FEMA and Regulations 5, 6, and 13 of the...

Contravention of Sections 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 - receiving foreign exchange payments in 1996-97 through fake export documents...

Addition of fixed deposits and interest thereon in wife's name was deleted as the Revenue could not controvert that the deposits belonged to the assessee's wife from her...

The Income Tax Appellate Tribunal allowed the assessee's appeal against the reopening of assessment u/s 148A of the Income Tax Act. The Assessing Officer had alleged...

The NFRA held that the Auditors were grossly negligent and failed to exercise due diligence in the audit of a public interest entity, amounting to professional...

The case involved a violation of the FEMA Act due to accepting and placing bets on cricket matches for clients. The appellant was linked to the raided premises where...

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...

Imported material diverted to unit other than permitted unit, resulting in contravention of import-export policy provisions. Goods held liable for confiscation u/s 111...

The NFRA held the Engagement Partner (EP) and Engagement Quality Control Reviewer (EQCR) guilty of professional misconduct u/ss 132(4), 22 of the Companies Act 2013 and...

Appellants penalized u/ss 8(1) and 8(2) of FERA for unauthorized dealing in foreign currency. Foreign currency recovered from appellants' premises. AT upheld...

Seizure of Gold Bars - Confiscation - Penalty u/s 112(b) - The case involves the interception of the Appellant carrying 17 pieces of gold of foreign origin in Kolkata....

The High Court reviewed penalties imposed for lack of e-way bills, noting violations of natural justice and lack of proper consideration. Bank Guarantees expired without...

Quick Updates: