https://www.taxtmi.com/caselaws?id=457560 Failure to realise export proceeds within the prescribed time triggered the statutory presumption of contravention, and that presumption was not rebutted because no credible evidence showed bankruptcy of the overseas buyer or effective recovery efforts; the firm's penalty was sustained. On the question of liability, the firm and its partner were not separately penalised for the same export-proceeds breach, so the partner was absolved of that component. A separate contravention for unauthorised acquisition of foreign exchange was independently established against the partner because misuse of a domestic credit card without RBI permission was proved, and that penalty was upheld. en-us Tue, 07 Aug 2007 00:00:00 +0530 Mon, 23 Sep 2024 17:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457560 Failure to realise export proceeds within the prescribed time triggered the statutory presumption of contravention, and that presumption was not rebutted because no credible evidence showed bankruptcy of the overseas buyer or effective recovery efforts; the firm's penalty was sustained. On the question of liability, the firm and its partner were not separately penalised for the same export-proceeds breach, so the partner was absolved of that component. A separate contravention for unauthorised acquisition of foreign exchange was independently established against the partner because misuse of a domestic credit card without RBI permission was proved, and that penalty was upheld. Case-Laws FEMA Tue, 07 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457560