https://www.taxtmi.com/caselaws?id=457915 Acquisition of foreign exchange outside the scope of the applicable general permission constituted contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973. The appellant's claim that part of the foreign exchange was won in games and horse racing did not bring the acquisition within the notification, and the later inconsistent explanation did not dislodge the finding. Mitigating factors such as limited means, absence from the foreign exchange business, and the circumstances of acquisition were relevant only to penalty quantum. The contravention was upheld, but the penalty was reduced as the original amount was considered excessive. en-us Tue, 27 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457915 Acquisition of foreign exchange outside the scope of the applicable general permission constituted contravention of section 8(1) of the Foreign Exchange Regulation Act, 1973. The appellant's claim that part of the foreign exchange was won in games and horse racing did not bring the acquisition within the notification, and the later inconsistent explanation did not dislodge the finding. Mitigating factors such as limited means, absence from the foreign exchange business, and the circumstances of acquisition were relevant only to penalty quantum. The contravention was upheld, but the penalty was reduced as the original amount was considered excessive. Case-Laws FEMA Tue, 27 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457915