https://www.taxtmi.com/caselaws?id=220268 Penalty on the partners of a firm was considered unjustified where no lapses, negligence or mala fides were shown in realising export proceeds, even though the penalty imposed on the firm had been confirmed. The Court treated the Revenue's relied-upon authority as fact-specific and not establishing any absolute rule that confirmation of penalty against the firm automatically requires penalty against the partners. On the stated facts, penalty on the partners was not warranted. en-us Fri, 28 Sep 2012 00:00:00 +0530 Thu, 17 Jan 2013 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220268 Penalty on the partners of a firm was considered unjustified where no lapses, negligence or mala fides were shown in realising export proceeds, even though the penalty imposed on the firm had been confirmed. The Court treated the Revenue's relied-upon authority as fact-specific and not establishing any absolute rule that confirmation of penalty against the firm automatically requires penalty against the partners. On the stated facts, penalty on the partners was not warranted. Case-Laws FEMA Fri, 28 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220268