Under-Invoicing via Overseas Commission – Penalty Trimmed, Sec 7 Upheld

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...