https://www.taxtmi.com/caselaws?id=220825 The court upheld the confiscation of the foreign currency and the penalty imposed on the appellant for violating Sections 3 and 4 of FEMA. The appellant failed to substantiate legitimate acquisition and transfer of the currency, breached FEMA regulations by not declaring and selling foreign exchange within the stipulated period, and could not provide adequate proof of the currency's source. The appeal was dismissed, affirming the lower authorities' decisions and imposing costs on the appellant. en-us Fri, 30 Dec 2011 00:00:00 +0530 Mon, 11 Feb 2013 06:17:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220825 The court upheld the confiscation of the foreign currency and the penalty imposed on the appellant for violating Sections 3 and 4 of FEMA. The appellant failed to substantiate legitimate acquisition and transfer of the currency, breached FEMA regulations by not declaring and selling foreign exchange within the stipulated period, and could not provide adequate proof of the currency's source. The appeal was dismissed, affirming the lower authorities' decisions and imposing costs on the appellant. Case-Laws FEMA Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220825