https://www.taxtmi.com/caselaws?id=170822 Where foreign exchange is acquired for importing machinery, failure to import the intended goods constitutes contravention of Sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973, and liability to penalty under Section 50 is attracted even without mens rea. The rebuttable presumption under Section 8(4) does not excuse total non-import merely because the bank did not finance the purchase or the foreign supplier did not refund the advance. Section 50 was treated as fixing only an outer limit on penalty, so the penalty could be interfered with on proportionality grounds and was reduced by half. en-us Wed, 10 Jul 2013 00:00:00 +0530 Mon, 15 Jun 2015 17:05:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170822 Where foreign exchange is acquired for importing machinery, failure to import the intended goods constitutes contravention of Sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973, and liability to penalty under Section 50 is attracted even without mens rea. The rebuttable presumption under Section 8(4) does not excuse total non-import merely because the bank did not finance the purchase or the foreign supplier did not refund the advance. Section 50 was treated as fixing only an outer limit on penalty, so the penalty could be interfered with on proportionality grounds and was reduced by half. Case-Laws FEMA Wed, 10 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170822