https://www.taxtmi.com/caselaws?id=753902 Madras HC held that compounding authority cannot proceed with FEMA contravention applications where money laundering is suspected. Petitioner's belated Form FC-TRS filing led to investigations under various Acts. Court ruled that Rule 4(1) of Compounding Proceeding Rules empowers compounding of all contraventions except those suspected of money laundering under Section 3(a). The 2017 amendment to Rule 8(2) further restricts compounding where Enforcement Directorate suspects serious contraventions involving terror financing or national security. Compounding application was properly returned to petitioner due to ongoing money laundering investigations, requiring remittance to appropriate adjudicating authority. en-us Mon, 03 Jun 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:09:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753902 Madras HC held that compounding authority cannot proceed with FEMA contravention applications where money laundering is suspected. Petitioner's belated Form FC-TRS filing led to investigations under various Acts. Court ruled that Rule 4(1) of Compounding Proceeding Rules empowers compounding of all contraventions except those suspected of money laundering under Section 3(a). The 2017 amendment to Rule 8(2) further restricts compounding where Enforcement Directorate suspects serious contraventions involving terror financing or national security. Compounding application was properly returned to petitioner due to ongoing money laundering investigations, requiring remittance to appropriate adjudicating authority. Case-Laws FEMA Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753902