Refund Granted for Seized Amount under FERA Due to Recorded Transactions in IT Returns

Abdul Aziz Ahmed Ansari Vs Union of India (Bombay High Court) Refund granted for amount seized under FERA as questionable transactions were duly recorded in Income Tax Returns Conclusion: In present facts of the case, the Hon’ble High Court granted refund to the petitioner along with Interest from year 1988 for the cash which was seized without any corroboration and the said cash was also duly reflected in Income Tax Returns. Therefore, there was no evidence to prove the violation under Foreign Exchange Regulation Act, 1973. Facts:  In present facts of the case, the Writ Petition was filed ...