https://www.taxtmi.com/caselaws?id=457898 The appeal against the penalty for contravening section 8(1) of the Foreign Exchange Regulation Act, 1973, was allowed by the Tribunal. The Tribunal found the allegations baseless and agreed with the appellant's arguments. The impugned order and confiscation were set aside, and the penalty amount and seized foreign currency were ordered to be returned to the appellant within 45 days. The decision emphasized the rightful ownership of the foreign currency by the non-resident daughter-in-law, rejecting the respondent's plea to retain the confiscation order. en-us Fri, 08 Dec 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457898 The appeal against the penalty for contravening section 8(1) of the Foreign Exchange Regulation Act, 1973, was allowed by the Tribunal. The Tribunal found the allegations baseless and agreed with the appellant's arguments. The impugned order and confiscation were set aside, and the penalty amount and seized foreign currency were ordered to be returned to the appellant within 45 days. The decision emphasized the rightful ownership of the foreign currency by the non-resident daughter-in-law, rejecting the respondent's plea to retain the confiscation order. Case-Laws FEMA Fri, 08 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457898