https://www.taxtmi.com/caselaws?id=457582 RBI write-off of a substantial part of unpaid export proceeds displaced penal contravention under the foreign exchange law to that extent, because failure to realise proceeds is actionable only where the exporter has not taken the required steps without RBI permission. The tribunal therefore set aside the finding of contravention for the written-off amount, while sustaining liability for the remaining unrecovered balance where no material rebutted the presumption that reasonable recovery steps had not been shown. It also reduced the penalty on a proportionate basis, confining the adverse finding and monetary consequence to the balance amount still in dispute. en-us Wed, 28 Dec 2005 00:00:00 +0530 Mon, 23 Sep 2024 18:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457582 RBI write-off of a substantial part of unpaid export proceeds displaced penal contravention under the foreign exchange law to that extent, because failure to realise proceeds is actionable only where the exporter has not taken the required steps without RBI permission. The tribunal therefore set aside the finding of contravention for the written-off amount, while sustaining liability for the remaining unrecovered balance where no material rebutted the presumption that reasonable recovery steps had not been shown. It also reduced the penalty on a proportionate basis, confining the adverse finding and monetary consequence to the balance amount still in dispute. Case-Laws FEMA Wed, 28 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457582