https://www.taxtmi.com/caselaws?id=255778 Where a foreign exchange transaction is completed between licensed money changers through authorised representatives, liability cannot be fastened for a later irregularity attributable only to the other party after the transaction has ended. The Bombay HC treated the matter as governed by the Supreme Court's interpretation of an identical transaction and held that the same statutory setting, memorandum instructions, and materially similar allegations required the same result. On that basis, the Court found that the adjudicating authority and the Appellate Tribunal had not appreciated the issue correctly, and the penalty orders could not be sustained. en-us Mon, 30 Jun 2014 00:00:00 +0530 Tue, 27 Jan 2015 10:51:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255778 Where a foreign exchange transaction is completed between licensed money changers through authorised representatives, liability cannot be fastened for a later irregularity attributable only to the other party after the transaction has ended. The Bombay HC treated the matter as governed by the Supreme Court's interpretation of an identical transaction and held that the same statutory setting, memorandum instructions, and materially similar allegations required the same result. On that basis, the Court found that the adjudicating authority and the Appellate Tribunal had not appreciated the issue correctly, and the penalty orders could not be sustained. Case-Laws FEMA Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255778