https://www.taxtmi.com/caselaws?id=457911 Liability under the Foreign Exchange Regulation Act turned on the legal character of the transaction, not mere physical handling of foreign exchange. The board treated "acquired" under section 8(1) as requiring more than receipt of funds, and held that foreign exchange received for film-production expenses was not shown to have been acquired in law for personal use. It also held that a mortgage-based funding arrangement between related entities did not establish a personal borrowing by the appellant. On the same reasoning, the payments and retention provisions were not attracted because the appellant was not shown to own or hold the foreign exchange in the statutory sense, and the penalty was set aside. en-us Thu, 22 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457911 Liability under the Foreign Exchange Regulation Act turned on the legal character of the transaction, not mere physical handling of foreign exchange. The board treated "acquired" under section 8(1) as requiring more than receipt of funds, and held that foreign exchange received for film-production expenses was not shown to have been acquired in law for personal use. It also held that a mortgage-based funding arrangement between related entities did not establish a personal borrowing by the appellant. On the same reasoning, the payments and retention provisions were not attracted because the appellant was not shown to own or hold the foreign exchange in the statutory sense, and the penalty was set aside. Case-Laws FEMA Thu, 22 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457911