https://www.taxtmi.com/caselaws?id=752631 SC held that penalty under Section 11(2) of FT Act could not be imposed for non-fulfillment of export obligations. The appellant's predecessor failed to export finished goods worth USD 2,59,948 within five years as required under the license. However, Section 11(2) being a penal provision requiring strict construction, applies only to contraventions involving attempts to make exports/imports, not mere failure to fulfill export obligations. The rehabilitation scheme's customs duty waiver did not cover penalties. SC set aside HC judgments and original penalty order, allowing the appeal. en-us Mon, 13 May 2024 00:00:00 +0530 Tue, 14 May 2024 22:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752631 SC held that penalty under Section 11(2) of FT Act could not be imposed for non-fulfillment of export obligations. The appellant's predecessor failed to export finished goods worth USD 2,59,948 within five years as required under the license. However, Section 11(2) being a penal provision requiring strict construction, applies only to contraventions involving attempts to make exports/imports, not mere failure to fulfill export obligations. The rehabilitation scheme's customs duty waiver did not cover penalties. SC set aside HC judgments and original penalty order, allowing the appeal. Case-Laws Customs Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752631