https://www.taxtmi.com/caselaws?id=457970 Contravention of foreign exchange law was upheld where the appellant maintained foreign currency accounts abroad without complying with prescribed requirements, but the absence of wilful conduct and the bona fides shown justified reduction of penalty rather than complete exoneration. Confiscation of foreign exchange was found unwarranted because that power is discretionary and must be supported by recorded reasons and material showing why forfeiture is justified; where the source of the funds was not shown to be tainted or unlawfully acquired, confiscation could not stand. The appeal succeeded only in part: the contravention remained established, the penalty was reduced, and the confiscation order was annulled. en-us Thu, 12 Jul 1984 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457970 Contravention of foreign exchange law was upheld where the appellant maintained foreign currency accounts abroad without complying with prescribed requirements, but the absence of wilful conduct and the bona fides shown justified reduction of penalty rather than complete exoneration. Confiscation of foreign exchange was found unwarranted because that power is discretionary and must be supported by recorded reasons and material showing why forfeiture is justified; where the source of the funds was not shown to be tainted or unlawfully acquired, confiscation could not stand. The appeal succeeded only in part: the contravention remained established, the penalty was reduced, and the confiscation order was annulled. Case-Laws FEMA Thu, 12 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457970