2013 (11) TMI 759

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....paneri ORDER ( Per : Honourable Mr. Justice Jayant Patel ) 1. All the appeals arise from the common judgement and order dated 7.12.2010 passed by the Tribunal under Foreign Exchange Management Act, 1999 (hereinafter referred to as 'FEMA'), whereby the Tribunal found that the show-cause notice was barred and, therefore, the Tribunal has quashed the show-cause notice and the impugned order ....

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....od of limitation for two years for initiation of the action under FEMA under Section 49(3) had, in any case, expired. 4. Under these circumstances, it could not be said that the action for issuance of show-cause notice and the proceedings based thereon were not barred. 5. However, Mr.Champaneri, learned Assistant Solicitor General attempted to contend that by virtue of Section 49(5)(1) of FE....

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....n a different footing. However, the statement made at paragraph 3.12 in the memo of appeal shows that the alleged breach for non-recovery of the foreign exchange was shown as still outstanding after April 1998. Therefore, it can be said that the alleged breach was during the year of 1998, when FERA was in force. If the alleged breach was during the period when FERA was in force, the case would be ....