https://www.taxtmi.com/caselaws?id=457530 Revisional power under the repealed Foreign Exchange Regulation Act, 1973 was treated as continuing where the saving and transitional framework preserved proceedings under the earlier law, and the petitions were not barred merely because they were filed after repeal or after a delay assessed as reasonable on the facts. The Tribunal distinguished revisional from appellate jurisdiction and held that it could correct illegality, jurisdictional error, and non-consideration of material evidence. On the merits, payments and receipts involving non-resident persons without the required permission were held to contravene the prohibitory foreign exchange provisions, and ignorance of law was rejected as a defence. The exoneration order was set aside and penalties were imposed. en-us Fri, 27 Jun 2008 00:00:00 +0530 Mon, 23 Sep 2024 11:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457530 Revisional power under the repealed Foreign Exchange Regulation Act, 1973 was treated as continuing where the saving and transitional framework preserved proceedings under the earlier law, and the petitions were not barred merely because they were filed after repeal or after a delay assessed as reasonable on the facts. The Tribunal distinguished revisional from appellate jurisdiction and held that it could correct illegality, jurisdictional error, and non-consideration of material evidence. On the merits, payments and receipts involving non-resident persons without the required permission were held to contravene the prohibitory foreign exchange provisions, and ignorance of law was rejected as a defence. The exoneration order was set aside and penalties were imposed. Case-Laws FEMA Fri, 27 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457530