https://www.taxtmi.com/caselaws?id=99385 The phrase "in respect of" in section 23(1B) of the Foreign Exchange Regulation Act, 1947 is of wide import and covers property connected with the contravention, not only the prohibited foreign exchange itself. The confiscation power therefore extends to Indian currency obtained as sale proceeds of prohibited foreign exchange, supported by the Explanation that includes converted assets such as bank deposits. On that construction, such sale proceeds fall within the scope of confiscation and the confiscation order is valid. en-us Wed, 09 Feb 1977 00:00:00 +0530 Sat, 20 Jun 2015 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99385 The phrase "in respect of" in section 23(1B) of the Foreign Exchange Regulation Act, 1947 is of wide import and covers property connected with the contravention, not only the prohibited foreign exchange itself. The confiscation power therefore extends to Indian currency obtained as sale proceeds of prohibited foreign exchange, supported by the Explanation that includes converted assets such as bank deposits. On that construction, such sale proceeds fall within the scope of confiscation and the confiscation order is valid. Case-Laws Companies Law Wed, 09 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99385