https://www.taxtmi.com/caselaws?id=457494 Failure to realise and repatriate export proceeds within the prescribed period under Section 18 of the Foreign Exchange Regulation Act, 1973 attracts a rebuttable presumption that the exporter did not take all reasonable steps to secure payment. On the facts, outstanding amounts remained unpaid against several GRs, and no material was produced to show adequate recovery efforts, so the presumption was not displaced. The plea for write-off was rejected because such relief was not available in these proceedings. The penalty was also not found excessive in light of the extent of contravention, and the penalty order was upheld. en-us Fri, 11 Jul 2008 00:00:00 +0530 Fri, 20 Sep 2024 17:12:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457494 Failure to realise and repatriate export proceeds within the prescribed period under Section 18 of the Foreign Exchange Regulation Act, 1973 attracts a rebuttable presumption that the exporter did not take all reasonable steps to secure payment. On the facts, outstanding amounts remained unpaid against several GRs, and no material was produced to show adequate recovery efforts, so the presumption was not displaced. The plea for write-off was rejected because such relief was not available in these proceedings. The penalty was also not found excessive in light of the extent of contravention, and the penalty order was upheld. Case-Laws FEMA Fri, 11 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457494