https://www.taxtmi.com/caselaws?id=457901 The Tribunal allowed the appeals, overturning the adjudication order and instructing the respondents to release the bank guarantees provided by the appellants. It determined that the appellants did not violate sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973. The Tribunal found the higher price of Cinnarizine justified due to unique commercial conditions with Janssen, dismissing allegations of over-invoicing and foreign exchange misutilization. The show-cause notice was deemed vague, lacking specificity. The Tribunal confirmed that the foreign exchange was used for its intended purpose, aligning with the advance license and RBI notification. en-us Tue, 09 May 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457901 The Tribunal allowed the appeals, overturning the adjudication order and instructing the respondents to release the bank guarantees provided by the appellants. It determined that the appellants did not violate sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973. The Tribunal found the higher price of Cinnarizine justified due to unique commercial conditions with Janssen, dismissing allegations of over-invoicing and foreign exchange misutilization. The show-cause notice was deemed vague, lacking specificity. The Tribunal confirmed that the foreign exchange was used for its intended purpose, aligning with the advance license and RBI notification. Case-Laws FEMA Tue, 09 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457901