AT upheld dismissal of enforcement action under Foreign Exchange ...

Foreign Exchange Violation Case Dismissed: Enforcement Failed to Prove Illegal Remittances of Rs.112.27 Crores Under FEMA Section 4

February 10, 2025

Case Laws FEMA AT

AT upheld dismissal of enforcement action under Foreign Exchange Management Act (FEMA) regarding suspicious outward remittances of Rs.112.27 Crores by M/s Sunshine Global Importers. The investigating authority failed to establish fundamental elements of FEMA contravention under Section 4, notably neglecting to investigate the source of deposits and verify recipient entities in Hong Kong. The authority's case relied primarily on uncorroborated testimonies, including a retracted statement. Despite extended investigation periods, enforcement failed to gather sufficient evidence linking respondents to illegal foreign exchange transactions. The Commissioner's detailed analysis of legal and factual issues was found sound, leading to dismissal of the appeal.

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AT upheld dismissal of enforcement action under Foreign Exchange ...

Foreign Exchange Violation Case Dismissed: Enforcement Failed to Prove Illegal Remittances of Rs.112.27 Crores Under FEMA Section 4

February 10, 2025

Case Laws FEMA AT

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