https://www.taxtmi.com/highlights?id=96109 Ex-post-facto approval by the competent authority regularized prior failure to obtain prior RBI approval for the share transfer, nullifying contraventions under the FEMA transfer/issue regulations as against the two appellants - penalties imposed on those appellants are set aside. Separately, on the distinct issue of alleged contravention of Section 3(c) of FEMA, the appellant failed to establish lawful source of funds; the ex-post-facto approval did not relieve compliance with other FEMA conditions, therefore the penalty for the Section 3(c) breach is sustained against that appellant. The pre-deposit previously directed shall be adjusted against the upheld penalty. - AT en-us Sat, 17 Jan 2026 11:36:22 +0530 Sat, 17 Jan 2026 11:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96109 Ex-post-facto approval by the competent authority regularized prior failure to obtain prior RBI approval for the share transfer, nullifying contraventions under the FEMA transfer/issue regulations as against the two appellants - penalties imposed on those appellants are set aside. Separately, on the distinct issue of alleged contravention of Section 3(c) of FEMA, the appellant failed to establish lawful source of funds; the ex-post-facto approval did not relieve compliance with other FEMA conditions, therefore the penalty for the Section 3(c) breach is sustained against that appellant. The pre-deposit previously directed shall be adjusted against the upheld penalty. - AT Highlights FEMA Sat, 17 Jan 2026 11:36:22 +0530 https://www.taxtmi.com/highlights?id=96109