https://www.taxtmi.com/caselaws?id=457447 Foreign exchange control rules required a non-resident purchaser of shares to comply with the mandatory delivery condition attached to the purchase. The Tribunal applied a plain reading of Para 10C.21(c)(v) of the Exchange Control Manual and treated failure to take delivery, coupled with the absence of RBI permission on record, as a contravention of the governing regime. It also stated that an appellate tribunal empowered to confirm, modify or set aside an order may enhance penalty where needed to secure compliance and deterrence, even without an appeal by the enforcement authority. The penalties were enhanced accordingly. en-us Thu, 28 Aug 2008 00:00:00 +0530 Thu, 19 Sep 2024 20:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457447 Foreign exchange control rules required a non-resident purchaser of shares to comply with the mandatory delivery condition attached to the purchase. The Tribunal applied a plain reading of Para 10C.21(c)(v) of the Exchange Control Manual and treated failure to take delivery, coupled with the absence of RBI permission on record, as a contravention of the governing regime. It also stated that an appellate tribunal empowered to confirm, modify or set aside an order may enhance penalty where needed to secure compliance and deterrence, even without an appeal by the enforcement authority. The penalties were enhanced accordingly. Case-Laws FEMA Thu, 28 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457447