Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
AT held that under Contravention-I the appellant's remittances and subsequent investment in shares of an overseas company were compliant with LRS and the relevant RBI Master Circular, as the amount invested was within the prescribed limit and constituted permissible capital investment; no FEMA contravention was made out on this count. However, in respect of Contraventions II and III, AT upheld the findings of the Adjudicating Authority that extending loans in foreign exchange to foreign companies by a resident individual without prior RBI approval is not permitted under Section 6(2) FEMA, related Regulations or LRS. Penalties imposed were found proportionate; no interference or enhancement was warranted. Appeals were dismissed.
AT held that under Contravention-I the appellant's remittances and subsequent investment in shares of an overseas company were compliant with LRS and the relevant RBI Master Circular, as the amount invested was within the prescribed limit and constituted permissible capital investment; no FEMA contravention was made out on this count. However, in respect of Contraventions II and III, AT upheld the findings of the Adjudicating Authority that extending loans in foreign exchange to foreign companies by a resident individual without prior RBI approval is not permitted under Section 6(2) FEMA, related Regulations or LRS. Penalties imposed were found proportionate; no interference or enhancement was warranted. Appeals were dismissed.
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