https://www.taxtmi.com/caselaws?id=271775 Failure to realise export proceeds within the prescribed or extended period constituted contravention of the foreign exchange regime, because compliance had to occur within the statutory time frame and later recovery during the appeal did not erase the completed default. The tribunal therefore sustained the finding of breach. However, where almost the entire export proceeds were subsequently realised and the penalties were imposed at about half the transaction value, the quantum was treated as excessive. Penalty being discretionary and required to be proportionate, the amounts were reduced to half of those originally imposed. en-us Fri, 17 Jul 2015 00:00:00 +0530 Wed, 17 Feb 2016 06:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271775 Failure to realise export proceeds within the prescribed or extended period constituted contravention of the foreign exchange regime, because compliance had to occur within the statutory time frame and later recovery during the appeal did not erase the completed default. The tribunal therefore sustained the finding of breach. However, where almost the entire export proceeds were subsequently realised and the penalties were imposed at about half the transaction value, the quantum was treated as excessive. Penalty being discretionary and required to be proportionate, the amounts were reduced to half of those originally imposed. Case-Laws FEMA Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271775