https://www.taxtmi.com/caselaws?id=457385 Liability for failure to repatriate export proceeds under FERA section 18 attaches to the exporter who files the undertaking or is otherwise entitled to receive the sale proceeds, and the section 18(3) presumption applies only against that person; where shipping documents, export code, invoices, and export benefits stood in MMTC Ltd.'s name, manufacturers acting under its arrangement were not treated as the statutory exporter. The note also states that alleged foreign exchange liability under section 8(1) requires proof of real acquisition or transfer with beneficial interest, not mere conduit possession, and that the enforcement burden remains on the department. On these principles, the penalties were held unsustainable. en-us Wed, 09 Sep 2009 00:00:00 +0530 Wed, 18 Sep 2024 15:35:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457385 Liability for failure to repatriate export proceeds under FERA section 18 attaches to the exporter who files the undertaking or is otherwise entitled to receive the sale proceeds, and the section 18(3) presumption applies only against that person; where shipping documents, export code, invoices, and export benefits stood in MMTC Ltd.'s name, manufacturers acting under its arrangement were not treated as the statutory exporter. The note also states that alleged foreign exchange liability under section 8(1) requires proof of real acquisition or transfer with beneficial interest, not mere conduit possession, and that the enforcement burden remains on the department. On these principles, the penalties were held unsustainable. Case-Laws FEMA Wed, 09 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457385