https://www.taxtmi.com/caselaws?id=33088 Failure by an exporter to realise and repatriate foreign sale proceeds attracts liability where the statutory presumption under Section 18(3) of the Foreign Exchange Regulation Act, 1973 is not rebutted by proof of all reasonable recovery steps. Mere correspondence with the foreign buyer was treated as insufficient, and the firm's penalty was sustained. Personal liability of individual partners, however, depends on a specific finding that the partner was in charge of and responsible for the conduct of the firm's business at the relevant time. In the absence of such a finding, the separate penalties on the partners could not stand and were set aside. en-us Mon, 22 Sep 2008 00:00:00 +0530 Tue, 21 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33088 Failure by an exporter to realise and repatriate foreign sale proceeds attracts liability where the statutory presumption under Section 18(3) of the Foreign Exchange Regulation Act, 1973 is not rebutted by proof of all reasonable recovery steps. Mere correspondence with the foreign buyer was treated as insufficient, and the firm's penalty was sustained. Personal liability of individual partners, however, depends on a specific finding that the partner was in charge of and responsible for the conduct of the firm's business at the relevant time. In the absence of such a finding, the separate penalties on the partners could not stand and were set aside. Case-Laws Customs Mon, 22 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33088