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2013 (11) TMI 759 - GUJARAT HIGH COURTBar of limitation - Whether the show cause notice issued was time barred - Tribunal has quashed the show-cause notice as time barred - Held that:- order of the Tribunal is self-explanatory and the reasons mentioned in the impugned order to the effect that the action, if any, for the alleged breach under Foreign Exchange Regulation Act, 1973 (hereinafter referred to as 'FERA') could be taken within a period of two years, which has, in any case, expired on 1.6.2002, whereas the memorandum of the show-cause notice is on 26.7.2005. Even if the receipt of the report for the first time by the Assistant Director to the Special Director is considered, the same was on 5.5.2005. Under these circumstances, even if the earliest date is considered in respect of the report for the alleged breach under FERA, the period of limitation for two years for initiation of the action under FEMA under Section 49(3) had, in any case, expired - Decided against Revenue.
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