https://www.taxtmi.com/caselaws?id=242524 Transitional limitation under FEMA barred proceedings for pre-1999 foreign exchange contraventions where notice was not issued within two years of FEMA's commencement. The alleged transfers and bonus share issuances were completed in 1997 and 1999, so the wrongful act was not continuing merely because prior RBI permission had not been obtained. An application for compounding did not extend or save limitation. On that basis, the notice was time-barred and the penalty could not be sustained. en-us Tue, 11 Jan 2011 00:00:00 +0530 Fri, 17 Jan 2014 11:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242524 Transitional limitation under FEMA barred proceedings for pre-1999 foreign exchange contraventions where notice was not issued within two years of FEMA's commencement. The alleged transfers and bonus share issuances were completed in 1997 and 1999, so the wrongful act was not continuing merely because prior RBI permission had not been obtained. An application for compounding did not extend or save limitation. On that basis, the notice was time-barred and the penalty could not be sustained. Case-Laws FEMA Tue, 11 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242524