https://www.taxtmi.com/caselaws?id=788233 Show cause notices alleging contraventions from 1989 to 1995 were held liable to be quashed for unreasonable delay, as several notices were issued only in 2002. The court compared the notice dates with the transaction period and relied on the Banking Companies (Period of Preservation of Records) Rules, 1985, noting that records were to be preserved for five or eight years unless extended by written direction. As no written extension was shown, the reasonable period test was applied and the delayed notices and proceedings were quashed, with the appellate orders set aside and bank guarantees directed to be discharged and released. en-us Thu, 12 Mar 2026 00:00:00 +0530 Thu, 19 Mar 2026 08:59:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788233 Show cause notices alleging contraventions from 1989 to 1995 were held liable to be quashed for unreasonable delay, as several notices were issued only in 2002. The court compared the notice dates with the transaction period and relied on the Banking Companies (Period of Preservation of Records) Rules, 1985, noting that records were to be preserved for five or eight years unless extended by written direction. As no written extension was shown, the reasonable period test was applied and the delayed notices and proceedings were quashed, with the appellate orders set aside and bank guarantees directed to be discharged and released. Case-Laws FEMA Thu, 12 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788233