https://www.taxtmi.com/caselaws?id=457567 Failure to take reasonable steps to realise export proceeds within the prescribed period constituted contravention of section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973. The appellants relied on an alleged auction by foreign customs and other circumstances beyond their control, but produced no documentary proof from the foreign authorities and no reliable evidence of effective follow-up, waiver requests, or other steps to secure payment. The statutory presumption under section 18(3) was not rebutted by credible material, so the contravention was established and the penalty was sustained. en-us Wed, 11 Oct 2006 00:00:00 +0530 Mon, 23 Sep 2024 17:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457567 Failure to take reasonable steps to realise export proceeds within the prescribed period constituted contravention of section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973. The appellants relied on an alleged auction by foreign customs and other circumstances beyond their control, but produced no documentary proof from the foreign authorities and no reliable evidence of effective follow-up, waiver requests, or other steps to secure payment. The statutory presumption under section 18(3) was not rebutted by credible material, so the contravention was established and the penalty was sustained. Case-Laws FEMA Wed, 11 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457567