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ATFFE holds penalty imposed on BCCI officials for contravention of FEMA norms as excessive

June 19, 2019[2019] 106 taxmann.com 230 (New Delhi)
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FEMA: Where pursuant to an agreement between Cricket South Africa (CSA) and BCCI, IPL - 2 was organized in South Africa, April-May, 2009 on payment of fixed fee by BCCI but Special Director by impugned order imposed penalty upon appellants i.e. BCCI and its officers for contravention of provisions of FEMA in those transactions, it was held that in impugned order, findings were arrived that transactions in question were capital account transaction, though there was no such allegation in show cause notice and if bank accounts were operated under heading of current account as claimed by appellants then no permission of RBI was necessary. Further penalty imposed upon appellants was also very excessive and without application of mind

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