https://www.taxtmi.com/caselaws?id=409939 Bombay HC held that under the SEZ approval conditions and Rules, Net Foreign Exchange performance could be monitored annually and penalty proceedings need not wait for expiry of the full block period where the unit remained persistently negative. The court found that the record showed continuous NFE shortfall during the relevant period, together with incorrect annual performance reporting that created a misleading impression of compliance. On that basis, the challenge to the show cause notice and the penalty order failed, and the finding of breach and the penal consequences for non-fulfilment of SEZ export and NFE obligations were upheld. en-us Fri, 09 Jul 2021 00:00:00 +0530 Mon, 10 Jan 2022 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409939 Bombay HC held that under the SEZ approval conditions and Rules, Net Foreign Exchange performance could be monitored annually and penalty proceedings need not wait for expiry of the full block period where the unit remained persistently negative. The court found that the record showed continuous NFE shortfall during the relevant period, together with incorrect annual performance reporting that created a misleading impression of compliance. On that basis, the challenge to the show cause notice and the penalty order failed, and the finding of breach and the penal consequences for non-fulfilment of SEZ export and NFE obligations were upheld. Case-Laws Customs Fri, 09 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409939