https://www.taxtmi.com/caselaws?id=757876 Limitation objections based on the foreign exchange transition saving clause were rejected on the facts, and the continuation of adjudication under the repealed regime was treated as maintainable. Statements and materials from customs, income-tax, and other collateral proceedings were not treated as determinative, but could still be examined independently in FEMA adjudication. On the merits, the Tribunal found that the same machinery was exported and re-imported at materially inflated values, and that the foreign exchange had been used for a purpose different from the one for which it was acquired. The findings of contravention and the penalties were therefore upheld. en-us Tue, 13 Aug 2024 00:00:00 +0530 Wed, 04 Sep 2024 08:18:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757876 Limitation objections based on the foreign exchange transition saving clause were rejected on the facts, and the continuation of adjudication under the repealed regime was treated as maintainable. Statements and materials from customs, income-tax, and other collateral proceedings were not treated as determinative, but could still be examined independently in FEMA adjudication. On the merits, the Tribunal found that the same machinery was exported and re-imported at materially inflated values, and that the foreign exchange had been used for a purpose different from the one for which it was acquired. The findings of contravention and the penalties were therefore upheld. Case-Laws FEMA Tue, 13 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757876