https://www.taxtmi.com/caselaws?id=345200 The saving clause in the successor foreign exchange enactment preserved proceedings under the repealed law, and timely issuance of the show cause notice within the prescribed period was sufficient even if service occurred later. The company-liability provision also permitted separate penalties on a firm and its responsible partners, as the statute treats a firm as a company and its partners as directors for this purpose. Statements recorded under the Customs Act could be used as corroborative material in foreign exchange adjudication, and the collapse of customs proceedings did not bar independent action under the foreign exchange law on the same facts. en-us Mon, 03 Jul 2017 00:00:00 +0530 Fri, 29 Dec 2017 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345200 The saving clause in the successor foreign exchange enactment preserved proceedings under the repealed law, and timely issuance of the show cause notice within the prescribed period was sufficient even if service occurred later. The company-liability provision also permitted separate penalties on a firm and its responsible partners, as the statute treats a firm as a company and its partners as directors for this purpose. Statements recorded under the Customs Act could be used as corroborative material in foreign exchange adjudication, and the collapse of customs proceedings did not bar independent action under the foreign exchange law on the same facts. Case-Laws FEMA Mon, 03 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345200