https://www.taxtmi.com/caselaws?id=210868 An opportunity notice issued under Section 61(2)(ii) of FERA was held not barred by limitation because the proceedings were initiated before the two-year period preserved by Section 49(3) of FEMA expired. The court also held that Section 51 of FERA requires only a reasonable opportunity, not a fixed reply period, and the appellant had in fact filed a reply within the time granted. As the notice was only an enquiry notice seeking proof of permission and did not finally determine liability, and there was prima facie material indicating contravention with no material showing permission for the transaction, the challenge to the notice failed and the writ appeal dismissal was sustained. en-us Fri, 16 Dec 2011 00:00:00 +0530 Thu, 23 Feb 2012 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210868 An opportunity notice issued under Section 61(2)(ii) of FERA was held not barred by limitation because the proceedings were initiated before the two-year period preserved by Section 49(3) of FEMA expired. The court also held that Section 51 of FERA requires only a reasonable opportunity, not a fixed reply period, and the appellant had in fact filed a reply within the time granted. As the notice was only an enquiry notice seeking proof of permission and did not finally determine liability, and there was prima facie material indicating contravention with no material showing permission for the transaction, the challenge to the notice failed and the writ appeal dismissal was sustained. Case-Laws FEMA Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210868