https://www.taxtmi.com/caselaws?id=457468 Export proceeds must be realised and repatriated within the prescribed period; if they remain unrealised, a rebuttable presumption arises that the exporter failed to take reasonable steps. Mere pendency of a request for write-off or extension before the Reserve Bank does not itself grant relief or rebut the presumption. Later realisation of some export bills may weaken the adverse inference, but the presumption may still stand for the remaining outstanding bills. On the facts, the contravention was confined to three unrealised bills, and the penalty was reduced accordingly. en-us Tue, 12 Aug 2008 00:00:00 +0530 Fri, 20 Sep 2024 12:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457468 Export proceeds must be realised and repatriated within the prescribed period; if they remain unrealised, a rebuttable presumption arises that the exporter failed to take reasonable steps. Mere pendency of a request for write-off or extension before the Reserve Bank does not itself grant relief or rebut the presumption. Later realisation of some export bills may weaken the adverse inference, but the presumption may still stand for the remaining outstanding bills. On the facts, the contravention was confined to three unrealised bills, and the penalty was reduced accordingly. Case-Laws FEMA Tue, 12 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457468