https://www.taxtmi.com/caselaws?id=332264 The court dismissed the petition, upholding the imposition of a penalty under Section 11(2) of the Foreign Trade Development and Regulation Act, 1992, due to the petitioner's failure to achieve positive Net Foreign Exchange Earnings (NFE) in the second block period. The court determined that the block period for computing NFE should start from the financial year following the commencement of manufacturing activity, aligning with the policy and guidelines for monitoring Export Oriented Units (EOUs). The petitioner's argument for a different block period calculation was rejected, and the penalty was upheld. en-us Thu, 01 Sep 2016 00:00:00 +0530 Tue, 10 Jan 2017 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332264 The court dismissed the petition, upholding the imposition of a penalty under Section 11(2) of the Foreign Trade Development and Regulation Act, 1992, due to the petitioner's failure to achieve positive Net Foreign Exchange Earnings (NFE) in the second block period. The court determined that the block period for computing NFE should start from the financial year following the commencement of manufacturing activity, aligning with the policy and guidelines for monitoring Export Oriented Units (EOUs). The petitioner's argument for a different block period calculation was rejected, and the penalty was upheld. Case-Laws Customs Thu, 01 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332264