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2014 (2) TMI 883 - HC - FEMAContravening Section 8 (1) of the Foreign Exchange Regulation Act, 1973 (‘FERA’) - remittance of foreign exchange without prior permission of RBI - Held that:- The question of the Appellants “acquiring” or “otherwise transferring” any foreign exchange as a result of the foreign holding company remitting funds to the Appellants for disbursal of the salaries of the employees seconded to them did not arise. Further, the question of the Appellants having to repay the foreign holding company the sum paid abroad also did not arise. Factually, there was no attempt made by any of the Appellants to repay any such amount to the foreign holding company. Also, no reasons have been given in any of the AOs for the penalty imposed in terms of Section 50 FERA. Consequently, in all these cases, the determination of the penalty amount by the AOs is also held to be untenable in law. - order against the appellant set aside - Decided in favor of appellant.
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