https://www.taxtmi.com/caselaws?id=213370 Pre-31 July 1995 NRE account deposits made by a mandatee or another person did not clearly contravene the Foreign Exchange Regulations Act, 1973 or the Exchange Control Manual, 1987 merely because the account holder was absent; penalties based solely on that circumstance could not be sustained. Show-cause notices issued more than eight years after the transactions also caused prejudice where banks were required to preserve relevant records only for up to eight years, undermining procedural fairness. Penalty orders and their appellate affirmance were therefore unsustainable. en-us Wed, 15 Dec 2010 00:00:00 +0530 Sun, 20 May 2012 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213370 Pre-31 July 1995 NRE account deposits made by a mandatee or another person did not clearly contravene the Foreign Exchange Regulations Act, 1973 or the Exchange Control Manual, 1987 merely because the account holder was absent; penalties based solely on that circumstance could not be sustained. Show-cause notices issued more than eight years after the transactions also caused prejudice where banks were required to preserve relevant records only for up to eight years, undermining procedural fairness. Penalty orders and their appellate affirmance were therefore unsustainable. Case-Laws Companies Law Wed, 15 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213370