https://www.taxtmi.com/caselaws?id=457579 Under section 52(4) of the Foreign Exchange Regulation Act, 1973, revisional power is narrow and is to be exercised sparingly only where grave injustice, illegality, or perversity is shown. Where the challenge concerns appreciation of evidence, including letters relied on to show the bankruptcy or untraceability of foreign buyers, that assessment remains within the adjudicating authority's domain. The Tribunal cannot substitute its own view of facts or re-appreciate the evidence merely because a different conclusion is possible. In the absence of demonstrated illegality or perversity, the finding that reasonable steps were taken for repatriation of export proceeds was left undisturbed and the revision petitions failed. en-us Tue, 25 Apr 2006 00:00:00 +0530 Mon, 23 Sep 2024 18:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457579 Under section 52(4) of the Foreign Exchange Regulation Act, 1973, revisional power is narrow and is to be exercised sparingly only where grave injustice, illegality, or perversity is shown. Where the challenge concerns appreciation of evidence, including letters relied on to show the bankruptcy or untraceability of foreign buyers, that assessment remains within the adjudicating authority's domain. The Tribunal cannot substitute its own view of facts or re-appreciate the evidence merely because a different conclusion is possible. In the absence of demonstrated illegality or perversity, the finding that reasonable steps were taken for repatriation of export proceeds was left undisturbed and the revision petitions failed. Case-Laws FEMA Tue, 25 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457579