https://www.taxtmi.com/caselaws?id=279763 The Tribunal allowed the appeal, setting aside the penalty imposed on the appellant for contravening provisions of the Foreign Exchange Regulation Act, 1973. The Tribunal considered the appellant's efforts to realize export proceeds, acknowledging the challenges faced, and found that the appellant had rebutted the presumption under section 18(3) by demonstrating reasonable steps taken to recover payments. The Tribunal recognized the appellant's diligence and concluded that the penalty was unwarranted in light of the circumstances. en-us Wed, 20 Jun 2001 00:00:00 +0530 Thu, 04 Apr 2019 15:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279763 The Tribunal allowed the appeal, setting aside the penalty imposed on the appellant for contravening provisions of the Foreign Exchange Regulation Act, 1973. The Tribunal considered the appellant's efforts to realize export proceeds, acknowledging the challenges faced, and found that the appellant had rebutted the presumption under section 18(3) by demonstrating reasonable steps taken to recover payments. The Tribunal recognized the appellant's diligence and concluded that the penalty was unwarranted in light of the circumstances. Case-Laws FEMA Wed, 20 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279763