https://www.taxtmi.com/caselaws?id=457385 Failure to repatriate export proceeds under the Foreign Exchange Regulation Act attaches to the exporter who gives the statutory undertaking or is entitled to receive the export price. Where export documents, export code, benefits and payment entitlement belong to another entity, manufacturers acting under its arrangement do not attract the presumption for non-realisation. Unauthorised foreign-exchange acquisition or transfer also requires proof of real acquisition or dealing with beneficial interest; mere conduit possession or carriage for a payment between foreign entities is insufficient. The alleged contraventions were not established, so the penalties were set aside. 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 Failure to repatriate export proceeds under the Foreign Exchange Regulation Act attaches to the exporter who gives the statutory undertaking or is entitled to receive the export price. Where export documents, export code, benefits and payment entitlement belong to another entity, manufacturers acting under its arrangement do not attract the presumption for non-realisation. Unauthorised foreign-exchange acquisition or transfer also requires proof of real acquisition or dealing with beneficial interest; mere conduit possession or carriage for a payment between foreign entities is insufficient. The alleged contraventions were not established, so the penalties were set aside. Case-Laws FEMA Wed, 09 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457385