https://www.taxtmi.com/caselaws?id=97945 Section 23(1)(a) of the Foreign Exchange Regulation Act, 1947 was held valid under Article 14 because the transfer power under section 23D was a guided administrative discretion based on the gravity of the case, not an unguided choice to discriminate. The credits in the Deutsche Bank account were found to be conditional deposits held under a special arrangement, not unconditional funds freely withdrawable by the appellant. As no present debt arose before the stipulated contingencies were satisfied, the arrangement did not amount to lending foreign exchange or a contravention of section 4(1). The penalty was therefore set aside. en-us Thu, 19 Apr 1962 00:00:00 +0530 Wed, 27 Aug 2014 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97945 Section 23(1)(a) of the Foreign Exchange Regulation Act, 1947 was held valid under Article 14 because the transfer power under section 23D was a guided administrative discretion based on the gravity of the case, not an unguided choice to discriminate. The credits in the Deutsche Bank account were found to be conditional deposits held under a special arrangement, not unconditional funds freely withdrawable by the appellant. As no present debt arose before the stipulated contingencies were satisfied, the arrangement did not amount to lending foreign exchange or a contravention of section 4(1). The penalty was therefore set aside. Case-Laws Companies Law Thu, 19 Apr 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97945