https://www.taxtmi.com/caselaws?id=383948 Penalty for alleged contravention of Section 18(2) and Section 18(3) of the Foreign Exchange Regulation Act, 1973 could not be sustained where the exporters produced export realisation particulars, bank certificates and contemporaneous documents showing that the proceeds had in fact been realised. The respondent did not dispute the documentary evidence, so the factual for treating the proceeds as outstanding disappeared. On that basis, the impugned order was set aside and the appeals were allowed. en-us Tue, 30 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 08:19:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383948 Penalty for alleged contravention of Section 18(2) and Section 18(3) of the Foreign Exchange Regulation Act, 1973 could not be sustained where the exporters produced export realisation particulars, bank certificates and contemporaneous documents showing that the proceeds had in fact been realised. The respondent did not dispute the documentary evidence, so the factual for treating the proceeds as outstanding disappeared. On that basis, the impugned order was set aside and the appeals were allowed. Case-Laws FEMA Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383948