https://www.taxtmi.com/caselaws?id=457973 Penalty proceedings under the Foreign Exchange Regulation Act, 1973 were not time-barred because the Act prescribed no limitation period for imposing penalty, and Chapter XXXVI of the Code of Criminal Procedure, 1973 did not apply to offences covered by the Economic Offences (In-applicability of Limitation) Act, 1974. A confessional statement admitting the investment and partnership supported the finding of contravention of section 27(1), while the later denial was treated as a belated retraction without evidentiary weight. The penalty was not found excessive on the facts, and the adjudication order was sustained. 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 Penalty proceedings under the Foreign Exchange Regulation Act, 1973 were not time-barred because the Act prescribed no limitation period for imposing penalty, and Chapter XXXVI of the Code of Criminal Procedure, 1973 did not apply to offences covered by the Economic Offences (In-applicability of Limitation) Act, 1974. A confessional statement admitting the investment and partnership supported the finding of contravention of section 27(1), while the later denial was treated as a belated retraction without evidentiary weight. The penalty was not found excessive on the facts, and the adjudication order was sustained. Case-Laws FEMA Fri, 05 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457973