https://www.taxtmi.com/caselaws?id=457899 The tribunal partially allowed the appeal, overturning the confiscation of Rs. 1,98,000 and dismissing the contravention of Section 8(2) of the Foreign Exchange Regulation Act, 1973. It upheld the contravention of Section 8(1) for "otherwise acquiring foreign exchange," maintaining a penalty of Rs. 32,000. The respondent must refund Rs. 1,68,000 to the appellant within 45 days. en-us Tue, 27 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457899 The tribunal partially allowed the appeal, overturning the confiscation of Rs. 1,98,000 and dismissing the contravention of Section 8(2) of the Foreign Exchange Regulation Act, 1973. It upheld the contravention of Section 8(1) for "otherwise acquiring foreign exchange," maintaining a penalty of Rs. 32,000. The respondent must refund Rs. 1,68,000 to the appellant within 45 days. Case-Laws FEMA Tue, 27 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457899