https://www.taxtmi.com/caselaws?id=457973 The Board upheld the penalty of Rs. 1,000 imposed on the appellant for contravening section 27(1) of the Foreign Exchange Regulation Act, 1973, by associating with a provision shop without RBI permission. The appellant's arguments regarding the non-materialization of the business venture and the limitation period were rejected. The Board found the appellant's contradictory statements unreliable and confirmed the adjudication order, emphasizing strict compliance with foreign exchange regulations. The appeal was dismissed, affirming the seriousness of the contravention and the appropriateness of the penalty. en-us Fri, 05 Jun 1992 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457973 The Board upheld the penalty of Rs. 1,000 imposed on the appellant for contravening section 27(1) of the Foreign Exchange Regulation Act, 1973, by associating with a provision shop without RBI permission. The appellant's arguments regarding the non-materialization of the business venture and the limitation period were rejected. The Board found the appellant's contradictory statements unreliable and confirmed the adjudication order, emphasizing strict compliance with foreign exchange regulations. The appeal was dismissed, affirming the seriousness of the contravention and the appropriateness of the penalty. Case-Laws FEMA Fri, 05 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457973