https://www.taxtmi.com/caselaws?id=216580 An exporter who did not fully rebut the presumption under FERA section 18(3) nevertheless showed some recovery efforts, including pursuit of claims in foreign insolvency proceedings, correspondence with the RBI, and partial realisation of dues. On those facts, the penalty on the firm was moderated and reduced to 35% of the original amount, with the amount already deposited treated as full satisfaction. Separate penalties on the partners were unsustainable because no material showed individual lapse, negligence, lack of due diligence, or knowledge of the contravention, so those penalties were set aside. en-us Thu, 06 Sep 2012 00:00:00 +0530 Fri, 14 Sep 2012 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216580 An exporter who did not fully rebut the presumption under FERA section 18(3) nevertheless showed some recovery efforts, including pursuit of claims in foreign insolvency proceedings, correspondence with the RBI, and partial realisation of dues. On those facts, the penalty on the firm was moderated and reduced to 35% of the original amount, with the amount already deposited treated as full satisfaction. Separate penalties on the partners were unsustainable because no material showed individual lapse, negligence, lack of due diligence, or knowledge of the contravention, so those penalties were set aside. Case-Laws FEMA Thu, 06 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216580