https://www.taxtmi.com/caselaws?id=457665 Failure to realise export proceeds was not excused because the appellants did not prove bona fide and effective recovery efforts, such as timely follow-up, a recovery suit, application to the competent authority, or RBI write-off permission; unsupported assertions about the foreign buyer's liquidation were insufficient, so the penalty for contravention of foreign exchange law was sustained. The natural justice objection based on alleged non-issue of notice to certain persons also failed because the notices on record covered the relevant entities. However, the appellate penalty against the individual director was set aside to the limited extent that the adjudication order itself had not imposed a corresponding separate penalty, while the penalties on the other appellants were maintained. en-us Fri, 26 Aug 2005 00:00:00 +0530 Wed, 25 Sep 2024 14:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457665 Failure to realise export proceeds was not excused because the appellants did not prove bona fide and effective recovery efforts, such as timely follow-up, a recovery suit, application to the competent authority, or RBI write-off permission; unsupported assertions about the foreign buyer's liquidation were insufficient, so the penalty for contravention of foreign exchange law was sustained. The natural justice objection based on alleged non-issue of notice to certain persons also failed because the notices on record covered the relevant entities. However, the appellate penalty against the individual director was set aside to the limited extent that the adjudication order itself had not imposed a corresponding separate penalty, while the penalties on the other appellants were maintained. Case-Laws FEMA Fri, 26 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457665