https://www.taxtmi.com/caselaws?id=457442 Foreign exchange acquired for a stated purpose had to be used only for that purpose, or surrendered within the prescribed time if unused. The regulation also operated on a statutory presumption that, where the goods were not sent or brought in accordance with the acquisition purpose, the foreign exchange was not so used unless the contrary was proved. As the appellants produced no evidence of lawful utilisation and did not rebut that presumption, the burden remained undischarged and the penalty order was sustained. en-us Tue, 09 Sep 2008 00:00:00 +0530 Thu, 19 Sep 2024 18:32:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457442 Foreign exchange acquired for a stated purpose had to be used only for that purpose, or surrendered within the prescribed time if unused. The regulation also operated on a statutory presumption that, where the goods were not sent or brought in accordance with the acquisition purpose, the foreign exchange was not so used unless the contrary was proved. As the appellants produced no evidence of lawful utilisation and did not rebut that presumption, the burden remained undischarged and the penalty order was sustained. Case-Laws FEMA Tue, 09 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457442