https://www.taxtmi.com/caselaws?id=32244 The Tribunal ruled in favor of both appellants, stating that the Customs Authorities lacked jurisdiction to adjudicate violations related to the EXIM Policy and FEMA. It found that the first appellant did not violate the Customs Notification or the Customs Act and that the second appellant fulfilled their export obligations. Consequently, the Tribunal set aside the confiscation of gold and penalties imposed on both appellants, emphasizing that matters of foreign exchange realization fall under FEMA, not the Customs Act. en-us Thu, 03 Jul 2008 00:00:00 +0530 Fri, 30 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32244 The Tribunal ruled in favor of both appellants, stating that the Customs Authorities lacked jurisdiction to adjudicate violations related to the EXIM Policy and FEMA. It found that the first appellant did not violate the Customs Notification or the Customs Act and that the second appellant fulfilled their export obligations. Consequently, the Tribunal set aside the confiscation of gold and penalties imposed on both appellants, emphasizing that matters of foreign exchange realization fall under FEMA, not the Customs Act. Case-Laws Customs Thu, 03 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32244