Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
Page of 4792
Press 'Enter' after typing page number.
2541 to 2560 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Section 37A(1) of FEMA was held to apply where a foreign immovable property continued to be held by a resident in India on the date of seizure, even if acquired before the provision came into force; the challenge based on retrospective application therefore failed and the authorised officer had a prima facie basis to invoke seizure power. However, once the foreign property had been transferred and equivalent foreign exchange had been repatriated into India, the object of Section 37A was satisfied and the seizure of the equivalent asset in India was set aside under the proviso to Section 37A(4), leaving open adjudication for the earlier period of alleged contravention.
Section 37A(1) of FEMA was held to apply where a foreign immovable property continued to be held by a resident in India on the date of seizure, even if acquired before the provision came into force; the challenge based on retrospective application therefore failed and the authorised officer had a prima facie basis to invoke seizure power. However, once the foreign property had been transferred and equivalent foreign exchange had been repatriated into India, the object of Section 37A was satisfied and the seizure of the equivalent asset in India was set aside under the proviso to Section 37A(4), leaving open adjudication for the earlier period of alleged contravention.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
