https://www.taxtmi.com/caselaws?id=97979 Foreign exchange received outright as a gift was treated as belonging to the appellants, and their agency explanation was rejected on the concurrent findings. Section 9 was read as authorising a notification requiring persons in India who own or hold specified foreign exchange to offer it for sale, including exchange acquired after the Act or notification; the notification was therefore intra vires. On the finding that the appellants became owners and did not offer the exchange for sale within the prescribed time, the statutory requirement was breached and the penalty order remained undisturbed. en-us Thu, 04 Oct 1962 00:00:00 +0530 Tue, 26 Aug 2014 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97979 Foreign exchange received outright as a gift was treated as belonging to the appellants, and their agency explanation was rejected on the concurrent findings. Section 9 was read as authorising a notification requiring persons in India who own or hold specified foreign exchange to offer it for sale, including exchange acquired after the Act or notification; the notification was therefore intra vires. On the finding that the appellants became owners and did not offer the exchange for sale within the prescribed time, the statutory requirement was breached and the penalty order remained undisturbed. Case-Laws Companies Law Thu, 04 Oct 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97979