SUBORNO BOSE vs ENFORCEMENT DIRECTORATE AND ANR

The Supreme Court upheld the adjudicating authority's decision under Section 16(3) of the Foreign Exchange Management Act, 1999, confirming that the appellant, as Managing Director of M/s. Zoom Enterprises Limited, violated Section 10(6) read with Sections 46 and 47 of the FEMA Act. The Court found that the company failed to submit the necessary Bill of Entry for imported goods, which were kept in a bonded warehouse, thus constituting a contravention of the Act. The appeal was dismissed, affirming the order of the adjudicating authority.