https://www.taxtmi.com/caselaws?id=457643 Penalty for delayed filing of the bill of entry was unsustainable where the foreign exchange had in fact been used for the permitted import purpose. Section 8(3) of the Foreign Exchange Regulation Act, 1973 required utilisation for authorised import, but did not impose any time limit for filing proof of import. The Exchange Control Manual only provided for a banker's reminder after three months and did not create penal consequences for late submission. On these facts, belated proof of import did not amount to a punishable contravention, and the penalty order was set aside. en-us Fri, 23 Dec 2005 00:00:00 +0530 Wed, 25 Sep 2024 11:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457643 Penalty for delayed filing of the bill of entry was unsustainable where the foreign exchange had in fact been used for the permitted import purpose. Section 8(3) of the Foreign Exchange Regulation Act, 1973 required utilisation for authorised import, but did not impose any time limit for filing proof of import. The Exchange Control Manual only provided for a banker's reminder after three months and did not create penal consequences for late submission. On these facts, belated proof of import did not amount to a punishable contravention, and the penalty order was set aside. Case-Laws FEMA Fri, 23 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457643