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FEMA - Tribunal - Case Laws

Showing 1 to 20 of 108 Records

  • 2018 (5) TMI 730

    Proof of goods purchased by remitting the foreign exchange brought into India - offence under FEMA - Held that - The two consignments have been auctioned by the Customs/CWC as the appellant failed to clear the goods within the bond period and the authorities have recovered the customs duty and other charges payable on the two consignments. In these circumstances, it cannot be said that the appellant has failed to prove that the goods purchased by....... + More


  • 2018 (5) TMI 729

    Offence under FERA - Whether appellant had any knowledge or role in distribution of foreign exchange? - Held that - There is no allegation in the Show Cause Notice or the Adjudicating Order that Appellant either made any payment of any such foreign exchange or was aware about any such payment. In any case, a person who had done the whole transaction has been let off and the same Adjudicating Order against him has been quashed, the order against t....... + More


  • 2018 (4) TMI 1342

    Seizure of bank account due of the suspicion that foreign exchange was suspected to be held outside India in contravention of Section 4 of the FEMA, 1999 - Liberalise Remittance Scheme (LRS Scheme) - Exercise of powers conferred upon him in terms of the provisions of Section 37A(1) of FEMA, 1999 - Held that - The main error in the impugned order is that RBI scheme has not been discussed at all. The impugned order is totally silent about the schem....... + More


  • 2018 (4) TMI 681

    Violation of FERA - lending against the deposit without taking any primary security - Held that - Bank had lent money against the security of deposits in the NRNR accounts. There was no bar in such type of lending as is apparent from the RBI s Notification. The bank was required to comply with the condition attached to such lending as prescribed by the RBI under the FERA/FEMA. One such condition was that the bank could grant loan facilities to re....... + More


  • 2018 (4) TMI 232

    Stay petition - Held that - This is is an arguable case on merits and hence cannot also be stated to be prima facie in their favour. They are accordingly required to pre-deposit the penalty of ₹ 10 lakhs within a period of four weeks from today failing which the appeal shall be disposed off as per the provisions of FEMA........ + More


  • 2018 (3) TMI 1291

    Appeal for non-compliance of pre-deposit of penalty - Held that - All the information provided proves that the conduct of the appellant/his counsel has not been very honest and they have tried to misguide the tribunal. That they have failed to file a review petition within a reasonable time is apparent from above, and are now coming up with some ground or the other. The judgements relied upon by the learned counsel of the appellant during hearing....... + More


  • 2018 (3) TMI 1250

    Maintainability of Appeal under Section 19 of FEMA Act - Held that - Provisos to Section 19(1) of the Act, an appeal can be maintained/heard only when the issue of pre-deposit of penalty has been examined/addressed. - In the instant case, the conditions for filing Appeal has not been satisfied as no penalty has been imposed in the absence of an order . As the provisions laid down in Section 19(1) of the Act have not been fulfilled, the appeal fil....... + More


  • 2018 (3) TMI 1136

    Calling of witness Mr. Chokshi whose cross examination was already conducted on 20/09/2017 was rejected - Held that - It is the interest of justice, equity and fairplay, let Mt. Chokshi be further cross-examined on this aspect. The argument of the respondent has no forced that the appellant has covered entire case on 20.09.2017 if when the question of 41-45 were put to Mr. Chokshi. - Thus, the findings given in the impugned orders are contrary to....... + More


  • 2018 (3) TMI 1066

    Application of FEMA for a contravention in the FERA issue - Held that - The present appeal instead of being preferred before the Special Director (Appeals) under Section 17 of FEMA has being filed this Tribunal for Foreign Exchange under section 19 FEMA is not maintainable and thus the same is liable to be dismissed........ + More


  • 2018 (2) TMI 579

    Abetting one Sh. P.G. Rawal in transferring foreign exchange in contravention of Section 8(3) read with 8(4) and Section 48 read with Section 64(2) - Held that - While the order in original has passed a very detailed order, however the adjudicating authority has not given any evidence or facts to state as to how the appellant has abetted with Sh. P.G. Rawal, in the said contravention. It appears that he has based his judgment on an inference from....... + More


  • 2018 (1) TMI 1222

    Contravention of section 3 FEMA - statement made under oath reliance - Held that - In harwala transactions, the main aspect is secrecy and stealth. Most of the facts relating to such transactions remain in the knowledge of the persons involved in such transactions. It is difficult for Authorities to unravel every link of such transitions. The burden is on the person to explain; otherwise adverse inference can be drawn based on surrounding facts a....... + More


  • 2017 (11) TMI 839

    Revision petition u/s 19(6) of FEMA against the order of penalty - contentions of the respondent is that revision petition filed by the revisionist is not maintainable as there is no specific provision in the Act - Held that - As gone through provisions of section 16 which provides for appointment of Central Government Officers as at Adjudicating Authority for holding an inquiry for the purpose of imposing any penalty against the respondent. As i....... + More


  • 2017 (11) TMI 618

    Non-realisation of export sale proceeds - Proceedings as contemplated under Section 18(2) & 18(3) read with Section 68(1) & 68(2) of FERA - Held that - It is evident that the Appellant joined as Director solely in the capacity of advisory role and was specifically excluded from the day to day operations of the company as evidenced from the correspondence. There cannot be any adverse inference against the Appellant‟s role as to its i....... + More


  • 2017 (10) TMI 908

    Review application - Held that - It is pertinent to mention that the order dated 16.07.2016 has not been challenged by the appellant/applicants in the higher court. It has become final. The amount fixed in the said order has not been deposited and it is apparent that the appellants have no intention to deposit the same. - We are of the view that the review application filed by the appellant/review applicant is not maintainable as the applicant ha....... + More


  • 2017 (10) TMI 460

    Condonation of Delay - reason i.e. the premises of the appellant firm lying locked and shifting of residence by the appellants as well as the chamber of the counsel of the appellant has been stated - Held that - As stated earlier, by an order dated 11th May, 2009 this Tribunal had directed the appellants to deposit 20% of their amount of penalty along with submissions of unconditional bank guarantee of remaining 30% within a period of 45 days fro....... + More


  • 2017 (10) TMI 459

    Proceedings contemplated under Section 51 of FERA, 1973 - Held that - In the case of Shri Joji Thelliankal, who had acted as an agent to identify NRE account holders, there was no fool proof evidence on record, to establish that Shri Joji Thelliankal received premium amount and thus it was found by the trial court that there is no corroborative evidence except the statements. It was held that no other evidence on the records placed to show that S....... + More


  • 2017 (8) TMI 756

    Forfeiting the properties as order passed under section 7 of the SAFEMA, 1976 - purview of the term associate / relative - connection with alleged illegal activities of the detenu - Held that - The only activities that have been stated in this regard are that the appellant assisted AP-1 to assume the name of Sanjay Srinath Rana and to obtain documents like Ration Card and Passport in the assumed name and that the detenu resided in the residence o....... + More


  • 2017 (5) TMI 852

    Violation of Section 3 of FEMA, 1999 - Held that - In the present case, the remitter and investor are different and are not in accordance with the Regulations made by the Reserve Bank of India under the Act. The remittance 1 and remittance 2 were made by the person other than the investor and are in direct contravention of Regulation 5 of FEMA (Permissible Capital Account Transactions) Regulations, 2000. - From the perusal of record, it is clear ....... + More


  • 2016 (9) TMI 1352

    Contravention of Section 3(d) r/w Section 42(1)(2) of FEMA, 1999 - search - payments in foreign exchange - Held that - No foreign currency has been recovered. There is no corroboration evidence of the fact that the payments allegedly made by the appellants were made as per the instructions from abroad. There is no evidence available to establish that the payments so made were in consideration of foreign exchange so acquired by the appellant compa....... + More


  • 2016 (9) TMI 1344

    Guilty under Sections 18(2) and 18(3) read with Section 58 of FERA, 1973 - liability by a deeming fiction - criminal liability fastened against in charge and responsible for the conduct of the business of the company - Held that - No evidence has been lead by the Enforcement Directorate in the Adjudication Proceedings to the effect that the respondents were in-charge and were responsible for the conduct of the business of the company. Vicarious l....... + More


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