https://www.taxtmi.com/caselaws?id=457501 Waiver of unrecovered export proceeds by the Reserve Bank removed the for penalty under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973, where the relevant export transactions were sufficiently identified. The Tribunal accepted that the bank letters and waiver documents covered the shipping bills and amounts in question, and held that omission of the amount in one letter was immaterial because the GR number and date identified the transaction and the waiver otherwise applied. On that basis, the alleged contravention was not sustainable, the penalty order was quashed, and the appeals were allowed on merits. en-us Wed, 02 Jul 2008 00:00:00 +0530 Fri, 20 Sep 2024 20:58:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457501 Waiver of unrecovered export proceeds by the Reserve Bank removed the for penalty under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973, where the relevant export transactions were sufficiently identified. The Tribunal accepted that the bank letters and waiver documents covered the shipping bills and amounts in question, and held that omission of the amount in one letter was immaterial because the GR number and date identified the transaction and the waiver otherwise applied. On that basis, the alleged contravention was not sustainable, the penalty order was quashed, and the appeals were allowed on merits. Case-Laws FEMA Wed, 02 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457501