https://www.taxtmi.com/caselaws?id=100982 Foreign exchange under section 9 of the Foreign Exchange Regulation Act, 1947 required title to and control over the currency so it could be offered for sale to the Reserve Bank. The High Court of Bombay reasoned that the words "owns or holds" do not extend to a mere right to receive foreign exchange. Amounts credited by foreign manufacturers through credit notes only showed a receivable in the petitioners' favour and did not give them control over the foreign currency. On that footing, the section 9 charge could not be sustained, and the related penalties were set aside. en-us Mon, 03 Dec 1984 00:00:00 +0530 Wed, 08 Feb 2012 12:03:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100982 Foreign exchange under section 9 of the Foreign Exchange Regulation Act, 1947 required title to and control over the currency so it could be offered for sale to the Reserve Bank. The High Court of Bombay reasoned that the words "owns or holds" do not extend to a mere right to receive foreign exchange. Amounts credited by foreign manufacturers through credit notes only showed a receivable in the petitioners' favour and did not give them control over the foreign currency. On that footing, the section 9 charge could not be sustained, and the related penalties were set aside. Case-Laws Companies Law Mon, 03 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100982