https://www.taxtmi.com/caselaws?id=172664 In proceedings under foreign exchange law, the statutory presumption of contravention after expiry of the prescribed period for realisation of export proceeds was held to continue unless the person concerned proved that all reasonable steps had been taken to recover the amount. The Court found that the appellant's materials showed continuing involvement in the transaction and did not establish bona fide recovery efforts; correspondence with the Reserve Bank of India showed only requests for further information and no effective permission or resolution. The pending RBI request therefore did not by itself defeat liability, and an earlier tribunal decision was treated as inapplicable because it arose on different facts. The penalty and finding of contravention were upheld. en-us Wed, 04 Jun 2008 00:00:00 +0530 Thu, 27 Aug 2015 11:34:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172664 In proceedings under foreign exchange law, the statutory presumption of contravention after expiry of the prescribed period for realisation of export proceeds was held to continue unless the person concerned proved that all reasonable steps had been taken to recover the amount. The Court found that the appellant's materials showed continuing involvement in the transaction and did not establish bona fide recovery efforts; correspondence with the Reserve Bank of India showed only requests for further information and no effective permission or resolution. The pending RBI request therefore did not by itself defeat liability, and an earlier tribunal decision was treated as inapplicable because it arose on different facts. The penalty and finding of contravention were upheld. Case-Laws FEMA Wed, 04 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172664