The case involves the validity of documents from Income Tax ...

Court Validates Use of Tax Documents as Evidence in FERA Cases; Highlights Independence from Tax Proceedings.

August 13, 2024

Case Laws FEMA AT

The case involves the validity of documents from Income Tax Department as evidence in FERA proceedings. The court held that documents from other law proceedings can be used. The court referred to a Supreme Court case stating statements under FERA can't be used for Income Tax proceedings. Two proceedings are independent. The case concerns contravention of FERA Section 9(1)(c) for a transfer of US $5 Lakhs. It was deemed a temporary loan. The Appellant Company contravened FERA. Shri R C Jain and Shri Vikram Singh were found responsible. The Director of the company also violated Section 8(1) for a US $1 lakh remittance. The charge against the Appellant Company was dropped, but the Director was found guilty. The contravention of Section 8(1) by individual / director was upheld, and US $1 lakh was confiscated.

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The case involves the validity of documents from Income Tax ...

Court Validates Use of Tax Documents as Evidence in FERA Cases; Highlights Independence from Tax Proceedings.

August 13, 2024

Case Laws FEMA AT

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