In Brief
Maars Software International Ltd, a software export company, was penalized by the Enforcement Directorate for alleged FEMA violations regarding foreign exchange realization and repatriation. The Tribunal set aside the penalty, but the High Court reversed it. The Supreme Court held the High Court erred by failing to examine material (marked as Annexures A-15 to A-38) that the appellants had submitted showing steps taken for foreign exchange repatriation. The Court remanded the case to the High Court to decide afresh on merits, properly considering all evidence on record without being influenced by prior observations.
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