https://www.taxtmi.com/caselaws?id=78384 A final BIFR-sanctioned rehabilitation scheme for a sick company had to be given practical effect, and a fiscal penalty arising from the same export-obligation default could not be enforced in a manner that defeated the scheme's revival objective. The recovery action taken by the DGFT was therefore unsustainable, and the impugned orders were quashed. The text also notes that waiver of such penalty had to be examined by the competent authority, such as the Ministry of Finance, rather than by the DGFT. en-us Thu, 07 Jan 2010 00:00:00 +0530 Mon, 15 Nov 2010 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78384 A final BIFR-sanctioned rehabilitation scheme for a sick company had to be given practical effect, and a fiscal penalty arising from the same export-obligation default could not be enforced in a manner that defeated the scheme's revival objective. The recovery action taken by the DGFT was therefore unsustainable, and the impugned orders were quashed. The text also notes that waiver of such penalty had to be examined by the competent authority, such as the Ministry of Finance, rather than by the DGFT. Case-Laws Customs Thu, 07 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78384