https://www.taxtmi.com/caselaws?id=111461 Foreign exchange acquired for importing specified goods is not treated as misused merely because the importer did not personally clear the goods for home consumption or produce the exchange control copy of the bill of entry. Section 8(4) of the Foreign Exchange Regulation Act, 1973 permits an adverse presumption only where the goods are not brought into India within a reasonable time, or differ in value, kind, quality or quantity from what was specified. Where the goods were in fact imported, warehoused, partly cleared on duty payment, and the balance later auctioned by customs, the statutory conditions for presumption were not met and no penalty could be sustained. en-us Fri, 12 Jan 2007 00:00:00 +0530 Mon, 23 Apr 2012 16:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111461 Foreign exchange acquired for importing specified goods is not treated as misused merely because the importer did not personally clear the goods for home consumption or produce the exchange control copy of the bill of entry. Section 8(4) of the Foreign Exchange Regulation Act, 1973 permits an adverse presumption only where the goods are not brought into India within a reasonable time, or differ in value, kind, quality or quantity from what was specified. Where the goods were in fact imported, warehoused, partly cleared on duty payment, and the balance later auctioned by customs, the statutory conditions for presumption were not met and no penalty could be sustained. Case-Laws Companies Law Fri, 12 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111461