The Tribunal held that holding and operating a foreign bank account without RBI approval is a continuing contravention under FEMA. Subsequent repatriation or tax disclosure does not wipe out liability, and penalties were upheld.
The Tribunal ruled that a car financed partly through unexplained cash could be attached under PMLA, even though a bank held a secured interest, reinforcing that tainted funds justify attachment.
Tribunal affirms major penalties for widespread delays and non-reporting of NTRs, STRs, and CBWTRs. Held that systemic AML lapses cannot be excused by technical issues; strict compliance is mandatory.
The Tribunal set aside the earlier order because it had relied on the now-recalled Ganpati Dealcom judgment while excluding pre-2016 funding from scrutiny. The matter has been sent back for fresh adjudication, ensuring the Benami allegations are reconsidered on merits.
Tribunal reduces FEMA penalty from ₹30 lakh to ₹10 lakh, confirming that unauthorised netting-off of ₹1.72 crore foreign commission violated statutory repatriation rules.
The Tribunal ruled that even without direct fund transfer, deep financial and management integration justified tagging the deposits as value of proceeds of crime. The attachment was sustained as the company formed part of the same economic group.
The Court upheld provisional attachment of Rs. 1.35 crore, finding the Appellant supplied cheaper PDW while claiming reimbursement at Rail Neer rates. The loss to the government and breach of mandatory supply obligations justified the action.
The tribunal confirmed penalties against a company and responsible directors for not realizing export proceeds of Rs.36 crores, emphasizing that commercial disputes cannot override FEMA obligations.
Tribunal upheld hawala and import undervaluation violations but significantly cut penalties for Dr. Manoharan and NTPL, fully exonerating two female directors. Key takeaway: Liability depends on active involvement, not mere association.
Gujarat High Court granted anticipatory bail to a Chartered Accountant accused of alleged GST evasion, holding that custodial interrogation was unnecessary and liberty must be protected.
