https://www.taxtmi.com/caselaws?id=441081 The court allowed the writ petitions, setting aside the impugned order passed by the 1st respondent. It held that the 1st respondent acted beyond its jurisdiction and that the issuance of share warrants by the petitioners was not in violation of FEMA, 1999. Consequently, the penalties imposed on the petitioners were deemed illegal and arbitrary. en-us Thu, 27 Jul 2023 00:00:00 +0530 Tue, 01 Aug 2023 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441081 The court allowed the writ petitions, setting aside the impugned order passed by the 1st respondent. It held that the 1st respondent acted beyond its jurisdiction and that the issuance of share warrants by the petitioners was not in violation of FEMA, 1999. Consequently, the penalties imposed on the petitioners were deemed illegal and arbitrary. Case-Laws FEMA Thu, 27 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441081