https://www.taxtmi.com/caselaws?id=457642 Non-realisation of export proceeds was not treated as punishable where the exporter proved reasonable steps to realise and repatriate the funds. The Tribunal accepted correspondence with foreign buyers, approaches to the Indian Embassy, efforts through bankers and authorised dealers, attempts to secure RBI permission for write-off or price reduction, and other mitigating factors such as foreign bank fault, customs auction and market recession; on that basis, the statutory presumption of contravention was rebutted for the covered export transactions. Because the finding of contravention could not stand to that extent, the penalty based solely on non-realisation was reduced to the amount already recovered. en-us Mon, 26 Dec 2005 00:00:00 +0530 Wed, 25 Sep 2024 11:48:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457642 Non-realisation of export proceeds was not treated as punishable where the exporter proved reasonable steps to realise and repatriate the funds. The Tribunal accepted correspondence with foreign buyers, approaches to the Indian Embassy, efforts through bankers and authorised dealers, attempts to secure RBI permission for write-off or price reduction, and other mitigating factors such as foreign bank fault, customs auction and market recession; on that basis, the statutory presumption of contravention was rebutted for the covered export transactions. Because the finding of contravention could not stand to that extent, the penalty based solely on non-realisation was reduced to the amount already recovered. Case-Laws FEMA Mon, 26 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457642