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  • 2015 (11) TMI 28

    Tribunal while directing the petitioner(s) to deposit 15% of the amount of penalty imposed and to furnish reliable security for the balance amount of 85% as a pre-deposit for hearing of the appeal has noticed that the petitioner (s) has an arguable case and it would cause hardship in case the waiver is not allowed, but no case of complete waiver was made out. - petitioner(s) has been required to pre-deposit 15% of the penalty amount as a conditio....... + More

  • 2015 (10) TMI 264

    Otherwise acquired foreign currencies - Proceedings under FERA, 1973 - holding the currency as owner thereof and handing a part of for safe custody with the appellant s mother and wife - ownership of foreign currencies - validity of statement before income tax authorities - Held that - FERA and the Income Tax Act are two separate and independent Acts operating in two different fields. Therefore, we do not think that the appellants can take advant....... + More

  • 2015 (9) TMI 1494

    Detention order challenged - Held that - The language of Section 5A of COFEPOSA makes it abundantly clear that if the order of detention is made on two or more grounds, the said order of detention shall be deemed to have been separately on each ground and accordingly the detention order shall not be deemed to be invalid merely because one or some of the grounds is or are invalid. In the present case, the bail applications relating to co-accused M....... + More

  • 2015 (9) TMI 1192

    Petitioner challenges at pre-detention stage his detention - Conservation of Foreign Exchange and Prevention of Smuggling Act, 1974 (COFEPOSA) - smuggling of gold. - absence of live link due to time gap between the detention order dated 31st March, 2015 and the occurrence on 7th July, 2014 - Held that - While deciding the issue whether the proposed deteun has absconded, the courts would have to examine the factual matrix. - in the facts of the pr....... + More

  • 2015 (9) TMI 338

    Application filed beyond period of limitation Condonation of Delay Appeal was preferred against final order of Tribunal which was allowed and order of adjudication was quashed Aggrieved by said order of tribunal, appeal was filed before High court which is objected on ground that it has been preferred beyond period of limitation Held that - Apparently, appeal has been filed after inordinate delay of 832 days. - Section 35 of FEMA permits appeal t....... + More

  • 2015 (8) TMI 1105

    Contravention of Section 18 (2) of the Foreign Exchange Regulation Act, 1973 - non-realization of export proceeds - Held that - Although Section 68 FERA is in the nature of a deeming provision, the proviso thereto contemplates rebuttal of such presumption by a person who is able to show that the contravention took place without his or her knowledge. - memorandum is a cyclostyled form and the averments as regards all the directors is identical. Th....... + More

  • 2015 (8) TMI 236

    Waiver of pre deposit - contravention of Section 3(b) and 6(2) of FEMA read with Regulation 5 of Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 read with para 8 of Schedule I to Regulation 5(1) of Foreign Exchange Management (Transfer of Issue of Security by a person resident outside India) Regulations, 2000 - Imposition of penalty - Amount remitted for franchisee in IPL, reached BCCI through concerns abr....... + More

  • 2015 (7) TMI 1080

    Locus standi of the Director of Enforcement to maintain the present appeal before this CourT - Unauthorised acquisition of foreign exchange - Tribunal after examining the records, found that the charge against the respondent herein was not proved by the prosecution and agreed with the findings of the Adjudicating Authority and accordingly dismissed the Revision - Held that - In the case in hand, admittedly no notification for appointing the Direc....... + More

  • 2015 (7) TMI 701

    Imposition of penalty - Failure to furnish evidentiary proof of imports regarding foreign exchange in respect of nine remittances in contravention of Sections 8 (3) and 8 (4) of Foreign Exchange Regulation Act, 1973 - Held that - Documents were in respect of imports that took place pursuant to the remittances made in the years 1994 to 1999. The Customs authorities had in 1995 seized some of the files in respect of imports that had taken place in ....... + More

  • 2015 (5) TMI 1120

    Issuance of a writ in the nature of Habeas Corpus in the matter of detention of the petitioner, who is detained passed by the Joint Secretary, Government of India (COFEPOSA), New Delhi - Held that - Having regard to the categorical assertions made by the learned Additional Solicitor General we are of the view that since a copy of the representation was only marked to the Advisory Board and no copy was supplied to either the Central Government or ....... + More

  • 2015 (5) TMI 1033

    Nature of offences - whether Offences, punishment of which extend to seven years, under the Foreign Exchange Regulation Act, 1973 FERA) being noncognizable in terms of Section 62 of the Act, are bailable or nonbailable? - Held that - Under FERA the power in terms of Section 45 of the FERA though has been given to police officer and other officer to make search and arrest when warrant but no provision is there that if arrest is affected by the off....... + More

  • 2015 (5) TMI 939

    Maintainability of appeal - whether the appeals were dealt with by the Appellate Tribunal (which is the new avatar of the Appellate Board) under FERA or FEMA - Held that - Language of Section 49(5)(b) of FEMA is suggestive of the fact that it is only an appeal, which was pending before the Appellate Board, and which could not be disposed of before the commencement of the Act (i.e., FEMA), would stand transferred to the Appellate Tribunal. Therefo....... + More

  • 2015 (5) TMI 907

    Violation of the provisions of Section 9 (1)(b) and 9(1)(d) of FERA - Receipt and distribution of money - Receipt of commission - Validity of assessment proceedings - inordinate delay in conclusion of the proceedings - Held that - Frivolous proceedings or proceedings taken out to merely delay the day of reckoning cannot be treated as proceedings taken in good faith, and that, mere fact on an application or petition, a stay is granted by a superio....... + More

  • 2015 (5) TMI 368

    Recovery of large amount of cash - contravention of the provision of Section 9(1)(b) and 9(1)(d) of FERA Act, 1973 - Offence under Section 56(1)(i) of FERA Act and Sections 49(3) and (4) of FEMA Act, 1999 - Reliability on co-accused s statement - Held that - confession of co-accused is admissible only if the case of other co-accused has been tried jointly as per Section 30 of Indian Evidence Act. In such circumstances, no reliance can be placed o....... + More

  • 2015 (4) TMI 985

    Detention of petitioner - Prevention of smuggling of goods - Held that - Detaining authority, after passing the detention order dated 27th February, 1989 was indifferent in securing the detenu by not taking proper action with great caution. It further appears that the police authorities of the Respondent No.4 were also not prompt in their action in executing the said detention order and the execution of the said detention order was unduly delayed....... + More

  • 2015 (4) TMI 639

    Imposition of penalty - prohibition of any payment into a credit of a resident outside India except with general or special permission of the Reserve Bank of India - Held that - Admittedly, the payment was made in India towards customs duty payable by the non-resident Indian while importing the car. The adjudicatory authority with reference to notification No.16/2000, dated 03/05/2000 held that only certain payments are allowed to be made in favo....... + More

  • 2015 (4) TMI 232

    Contravention of Section 9 (1) (b) and (d) of the Foreign Exchange Regulation Act, 1973 - Penalty u/s 50 - Criminal prosecution for Economic Offences - Economic Offences Court acquitted the appellant holding that the prosecution has not proved the guilt of the appellant beyond all reasonable doubt - Imposition of pre deposit condition for hearing appeal against imposition of penalty - Held that - In view of the decision of the Supreme Court in St....... + More

  • 2015 (3) TMI 687

    Misuse of telephone line - one ISDN line was made a permanent channel at each of the above premises and thereafter by using sophisticated equipment international calls were being distributed to Delhi & nearby areas illegally through PSTN (Public Switch Telephone Network) - One ISDN line has a bandwidth of 144 Kbps and this bandwidth was misused to make about 24 voice calls in one single ISDN call, which caused loss equivalent to the charges f....... + More

  • 2015 (2) TMI 1160

    Penalty under Section 13(1) of Foreign Exchange Management Act, 1999 - direction to the fourth respondent seeked to release the balance amount directed to be released to the petitioner under Ext.P1 order - Held that - As a statutory appeal under Section 17 of the Act is pending before the fifth respondent and the said amount cannot be released during the pendency of the said appeal thus find some force in the objection raised by the revenue. - Th....... + More

  • 2015 (2) TMI 1044

    Contravention of Section 9 (1) (b) and (d) of the Foreign Exchange Regulation Act, 1973 - Whether in a case where an offence was punishable with a mandatory sentence of imprisonment, a company incorporated under the Companies Act, can be prosecuted, as the sentence of imprisonment cannot be imposed on the company? - Held that - In view of the decision of the Supreme Court in Standard Chartered Bank's case (2006 (2) TMI 272 - SUPREME COURT OF ....... + More

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