2013 (11) TMI 759

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....e 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 therein. 2. Heard Mr.Champaneri, lear....

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....ion 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 FERA any action taken to the extent of provision....