https://www.taxtmi.com/caselaws?id=467637 FEMA section 49(3) imposes a strict sunset bar on notice of contraventions under the repealed FERA after the prescribed two-year period, and the saving clause in section 49(4) operates only subject to that limit; accordingly, proceedings for 25 pre-FEMA export consignments were time-barred. For the two remaining consignments, the remittance material did not clearly and intrinsically prove realization of export proceeds, so the contravention finding was sustained. Penalty was therefore confined to the proved contraventions and reduced proportionately for the company and the individual appellant. en-us Wed, 03 Jul 2024 00:00:00 +0530 Fri, 27 Mar 2026 19:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467637 FEMA section 49(3) imposes a strict sunset bar on notice of contraventions under the repealed FERA after the prescribed two-year period, and the saving clause in section 49(4) operates only subject to that limit; accordingly, proceedings for 25 pre-FEMA export consignments were time-barred. For the two remaining consignments, the remittance material did not clearly and intrinsically prove realization of export proceeds, so the contravention finding was sustained. Penalty was therefore confined to the proved contraventions and reduced proportionately for the company and the individual appellant. Case-Laws FEMA Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467637