2011 (4) TMI 489 - SUPREME COURT

Whether the Appellate Tribunal constituted under the FEMA, 1999 was right in rejecting a belated appeal filed under Section 19 of FEMA, applying the first proviso to sub-section (2) of Section 52 of Foreign Exchange Regulation Act, 1973 - Held that: the right of appeal under FEMA has already been saved in respect of cause of action which arose under FERA however subject to the proviso to sub-section (2) of Section 19, in the case of belated appeals - Section 49 of FEMA does not seek to withdraw or take away the vested right of appeal in cases where proceedings were initiated prior to repeal of FERA on 1-6-2000 or after - the time limit prescribed under FERA was taken away under the proviso to sub-section (2) of Section 19 and the Tribunal has been conferred with wide powers to condone delay if the appeal is not filed within forty-five days prescribed, provided sufficient cause is shown - Appeal is allowed by way of remand to Tribunal