https://www.taxtmi.com/caselaws?id=191431 Penalty under the Foreign Exchange Regulation Act, 1973 could not survive once the factual basis for alleging misuse of foreign exchange was displaced. The levy had proceeded on the premise that foreign exchange released to the importer was not used for the intended purpose, but the later finding that the goods imported were iron and steel scrap confirmed that the foreign exchange was in fact applied for the authorised import. With that factual foundation negated, no FERA violation remained established, and the penalty was held unsustainable; the impugned order was set aside. en-us Thu, 10 Dec 2009 00:00:00 +0530 Mon, 03 Apr 2017 17:36:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191431 Penalty under the Foreign Exchange Regulation Act, 1973 could not survive once the factual basis for alleging misuse of foreign exchange was displaced. The levy had proceeded on the premise that foreign exchange released to the importer was not used for the intended purpose, but the later finding that the goods imported were iron and steel scrap confirmed that the foreign exchange was in fact applied for the authorised import. With that factual foundation negated, no FERA violation remained established, and the penalty was held unsustainable; the impugned order was set aside. Case-Laws Customs Thu, 10 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191431