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Under-Invoicing via Overseas Commission – Penalty Trimmed, Sec 7 Upheld
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- Sociedade De Fomento Industrial Pvt. Ltd. Vs Special Director Directorate of Enforcement (Appellate Tribunal Under SAFEMA Delhi)
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Sociedade De Fomento Industrial Pvt. Ltd. Vs Special Director Directorate of Enforcement (Appellate Tribunal Under SAFEMA Delhi)
FEMA Penalty in Iron Ore Export Case Partly Sustained – Alleged Under-Invoicing via Overseas Commission – Tribunal Reduces Penalty & Upholds Liability U/s 7
The SAFEMA Appellate Tribunal partly allowed the appeals of M/s Sociedade De Fomento Industrial Pvt. Ltd. & its Directors against FEMA penalties arising from alleged under-invoicing of iron ore exports through discounts linked to overseas “protective agent” commissions. The Enforcement Dir...
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