https://www.taxtmi.com/caselaws?id=457972 Confiscation under section 63 of the Foreign Exchange Regulation Act, 1973 is a discretionary power and is not automatic on proof of contravention. The Adjudicating Officer must record a separate, reasoned satisfaction that confiscation is warranted in addition to penalty. Where the only established breach was failure to return unutilised foreign exchange within the prescribed time under section 8(3), and the material showed no unlawful use or sale of the foreign exchange, confiscation could not be justified. The confiscation was therefore set aside, while the penalty for breach of section 8(3) was sustained. en-us Fri, 19 Jun 1992 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457972 Confiscation under section 63 of the Foreign Exchange Regulation Act, 1973 is a discretionary power and is not automatic on proof of contravention. The Adjudicating Officer must record a separate, reasoned satisfaction that confiscation is warranted in addition to penalty. Where the only established breach was failure to return unutilised foreign exchange within the prescribed time under section 8(3), and the material showed no unlawful use or sale of the foreign exchange, confiscation could not be justified. The confiscation was therefore set aside, while the penalty for breach of section 8(3) was sustained. Case-Laws FEMA Fri, 19 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457972