https://www.taxtmi.com/caselaws?id=45363 Foreign exchange penalty under the Foreign Exchange Regulation Act, 1973 could not stand without independent proof that the currency was used for a purpose other than that for which it was acquired. The record showed the foreign exchange was used to import the specific spare parts for which it had been obtained, and the alleged breach rested only on a customs view that the import value exceeded the licence limit. As no separate material established misuse of foreign exchange or import of prohibited goods, no contravention of Sections 8(3) and 8(4) was made out and the penalty was set aside. en-us Sat, 20 Mar 1999 00:00:00 +0530 Sat, 10 Jul 2010 11:25:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=45363 Foreign exchange penalty under the Foreign Exchange Regulation Act, 1973 could not stand without independent proof that the currency was used for a purpose other than that for which it was acquired. The record showed the foreign exchange was used to import the specific spare parts for which it had been obtained, and the alleged breach rested only on a customs view that the import value exceeded the licence limit. As no separate material established misuse of foreign exchange or import of prohibited goods, no contravention of Sections 8(3) and 8(4) was made out and the penalty was set aside. Case-Laws Customs Sat, 20 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=45363