https://www.taxtmi.com/caselaws?id=457583 Export of goods outside India created an obligation to repatriate the sale proceeds, and liability did not depend on actual delivery to the foreign buyer. The failure to take delivery, or an asserted auction sale by Singapore Customs, did not relieve the exporter of the duty to account for and repatriate the value realised from the goods. The statutory presumption under section 18(3) of the Foreign Exchange Regulation Act operated against the exporter, and no satisfactory evidence was produced to rebut it. The penalty was considered proportionate because it was below the unrepatriated amount, so the contravention finding and penalty were upheld. en-us Mon, 26 Dec 2005 00:00:00 +0530 Mon, 23 Sep 2024 18:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457583 Export of goods outside India created an obligation to repatriate the sale proceeds, and liability did not depend on actual delivery to the foreign buyer. The failure to take delivery, or an asserted auction sale by Singapore Customs, did not relieve the exporter of the duty to account for and repatriate the value realised from the goods. The statutory presumption under section 18(3) of the Foreign Exchange Regulation Act operated against the exporter, and no satisfactory evidence was produced to rebut it. The penalty was considered proportionate because it was below the unrepatriated amount, so the contravention finding and penalty were upheld. Case-Laws FEMA Mon, 26 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457583