https://www.taxtmi.com/caselaws?id=457392 Under the Foreign Exchange Regulation Act, 1973 and the 1974 Rules, an exporter must take reasonable and legally effective steps to realise export proceeds, failing which a rebuttable presumption of contravention arises. The Tribunal found that correspondence, meetings and a civil suit did not amount to sufficient recovery efforts, as there was no effective pursuit before the foreign buyer or relevant authorities abroad and no application for extension or write-off. The presumption of contravention therefore remained unrebutted against the firm. On penalty, the same contravention could not be visited simultaneously on both the partnership firm and its partners; penalty was sustained against the firm but set aside for the partners. en-us Tue, 11 Aug 2009 00:00:00 +0530 Wed, 18 Sep 2024 17:35:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457392 Under the Foreign Exchange Regulation Act, 1973 and the 1974 Rules, an exporter must take reasonable and legally effective steps to realise export proceeds, failing which a rebuttable presumption of contravention arises. The Tribunal found that correspondence, meetings and a civil suit did not amount to sufficient recovery efforts, as there was no effective pursuit before the foreign buyer or relevant authorities abroad and no application for extension or write-off. The presumption of contravention therefore remained unrebutted against the firm. On penalty, the same contravention could not be visited simultaneously on both the partnership firm and its partners; penalty was sustained against the firm but set aside for the partners. Case-Laws FEMA Tue, 11 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457392