https://www.taxtmi.com/caselaws?id=103059 Residential status under the Foreign Exchange Regulation Act, 1973 is determined by the statutory definitions and surrounding facts, not merely by the existence of a bank account in India. On the facts noted, the person's association with a business in Muscat, visits to Oman, and short acquaintance at the time of the loan supported the inference that he was resident outside India, sustaining contravention under section 9(1)(a). The material also did not justify interference with the penalty amount, as no adequate basis was shown for reduction. The original penalty order was therefore restored. en-us Wed, 14 Feb 1996 00:00:00 +0530 Mon, 20 Feb 2012 15:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103059 Residential status under the Foreign Exchange Regulation Act, 1973 is determined by the statutory definitions and surrounding facts, not merely by the existence of a bank account in India. On the facts noted, the person's association with a business in Muscat, visits to Oman, and short acquaintance at the time of the loan supported the inference that he was resident outside India, sustaining contravention under section 9(1)(a). The material also did not justify interference with the penalty amount, as no adequate basis was shown for reduction. The original penalty order was therefore restored. Case-Laws Companies Law Wed, 14 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103059