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APPELLATE TRIBUNAL FOR FORFEITED PROPERTY
Balesh Kumar, Member, Rajesh Malhotra, Member
Union Of India – Appellant
Versus
Commissioner Of Customs – Respondent
| Table of Content |
|---|
| 1. overview of the background and scope of the appeal. (Para 1) |
| 2. evaluation of departmental enquiries and findings regarding foreign shareholding. (Para 2 , 3 , 4 , 5 , 6 , 7 , 8) |
| 3. appellant's contention on interpretation of section 4 and definitions of foreign security. (Para 9 , 10 , 11 , 12) |
| 4. respondents' arguments on maintainability and the nature of unsubscribed shares. (Para 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20) |
| 5. harmonious interpretation of fema provisions and procedural maintainability. (Para 21 , 22 , 23 , 24) |
| 6. determination of value and rights attached to share subscriptions in financial statements. (Para 25 , 26 , 27 , 28 , 29 , 30) |
| 7. limitations on seizure of properties equivalent to foreign securities. (Para 31 , 32 , 33 , 34 , 35) |
| 8. final order disposing of the appeal. (Para 36) |
This Order disposes of the Appeal No. FPA-FE-33/CHN/2021 filed by the Union of India, through Assistant Director, Directorate of Enforcement, Chennai against the Order No. 01/2021 dated 03.02.2021 (Impugned Order) passed by the Competent Authority, Commissioner of Customs (Appeals-I), Chennai under Section 37 A (3) of Foreign Exchange Management Act, 1999 (FEMA). Ld. Compe
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