https://www.taxtmi.com/caselaws?id=279765 The Board allowed all appeals, setting aside the penalties imposed on the appellants. The findings of contravention of sections 18(2), 9(1)(a), and 9(1)(c) were deemed unsustainable, emphasizing the importance of considering exporters' reasonable steps and regulatory authorities' roles. Penalties on managing partners were reduced, justifying penalties for non-delivery to foreign buyers and exports to Sierra Leone and Raxshire Ltd., London. Admissibility of press reports was dismissed, and the examination of evidence and adjudicating officer's reliance were critiqued. The Board highlighted the banks' and foreign exchange regulations' roles in realizing export proceeds. en-us Fri, 17 Sep 1999 00:00:00 +0530 Thu, 04 Apr 2019 15:42:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279765 The Board allowed all appeals, setting aside the penalties imposed on the appellants. The findings of contravention of sections 18(2), 9(1)(a), and 9(1)(c) were deemed unsustainable, emphasizing the importance of considering exporters' reasonable steps and regulatory authorities' roles. Penalties on managing partners were reduced, justifying penalties for non-delivery to foreign buyers and exports to Sierra Leone and Raxshire Ltd., London. Admissibility of press reports was dismissed, and the examination of evidence and adjudicating officer's reliance were critiqued. The Board highlighted the banks' and foreign exchange regulations' roles in realizing export proceeds. Case-Laws FEMA Fri, 17 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279765