https://www.taxtmi.com/caselaws?id=381559 Export proceeds from an export made before FEMA commenced remained governed by the repealed FERA regime. The repeal and saving provision barred an adjudicating officer from taking notice of a FERA contravention after two years from FEMA's commencement; proceedings initiated after that sunset period were therefore time-barred. Pending resolution of the alleged short realisation with the authorised dealer also did not justify continuing penalty proceedings under FEMA. The penalty order was set aside and the appeals were allowed. en-us Tue, 11 Jun 2019 00:00:00 +0530 Fri, 14 Jun 2019 07:32:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381559 Export proceeds from an export made before FEMA commenced remained governed by the repealed FERA regime. The repeal and saving provision barred an adjudicating officer from taking notice of a FERA contravention after two years from FEMA's commencement; proceedings initiated after that sunset period were therefore time-barred. Pending resolution of the alleged short realisation with the authorised dealer also did not justify continuing penalty proceedings under FEMA. The penalty order was set aside and the appeals were allowed. Case-Laws FEMA Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381559