Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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The appellant acquired and sold foreign currencies to Indian residents in violation of Section 3(a) of FEMA, 1999. The validity of the search and seizure conducted by the Directorate was upheld. The appellant's recorded statements, corroborated by seized documents from his residence, established his liability for unauthorized foreign exchange operations without RBI permission. Cross-examination denial did not prejudice the appellant due to independent corroborative evidence. While the appellant claimed efforts to keep his licensed money changer business clean, the penalty was reduced to Rs. 8,50,000/- considering the circumstances.
The appellant acquired and sold foreign currencies to Indian residents in violation of Section 3(a) of FEMA, 1999. The validity of the search and seizure conducted by the Directorate was upheld. The appellant's recorded statements, corroborated by seized documents from his residence, established his liability for unauthorized foreign exchange operations without RBI permission. Cross-examination denial did not prejudice the appellant due to independent corroborative evidence. While the appellant claimed efforts to keep his licensed money changer business clean, the penalty was reduced to Rs. 8,50,000/- considering the circumstances.
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