https://www.taxtmi.com/caselaws?id=457573 Residential status under the Foreign Exchange Regulation Act, 1973 turns on the person's intention as shown by surrounding circumstances, including whether he is staying outside India for an uncertain period. On that test, a long period of living and business activity in Malaysia, admissions that the person stayed mostly abroad, and the bank's own enquiry report supported treatment as a person resident outside India. Income-tax residency findings were not determinative because the statutory tests differ. The note states that transactions with such a person required compliance with FERA, that contraventions under sections 9(1)(a) and 9(1)(d) were sustained, and that the penalty was reduced as excessive. en-us Fri, 15 Sep 2006 00:00:00 +0530 Mon, 23 Sep 2024 17:41:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457573 Residential status under the Foreign Exchange Regulation Act, 1973 turns on the person's intention as shown by surrounding circumstances, including whether he is staying outside India for an uncertain period. On that test, a long period of living and business activity in Malaysia, admissions that the person stayed mostly abroad, and the bank's own enquiry report supported treatment as a person resident outside India. Income-tax residency findings were not determinative because the statutory tests differ. The note states that transactions with such a person required compliance with FERA, that contraventions under sections 9(1)(a) and 9(1)(d) were sustained, and that the penalty was reduced as excessive. Case-Laws FEMA Fri, 15 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457573