https://www.taxtmi.com/caselaws?id=457675 Remittances made toward imports were supported by the bank's certificate and the RBI waiver letter, covering all four remittances examined in the adjudication. The failure to produce the exchange control copy and bill of entry was treated as a technical lapse, not a continuing contravention of the foreign exchange law. As no subsisting violation remained to justify penal action under the Foreign Exchange Regulation Act, the penalty was held unsustainable and the adjudication order was set aside. en-us Thu, 21 Jul 2005 00:00:00 +0530 Wed, 25 Sep 2024 15:20:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457675 Remittances made toward imports were supported by the bank's certificate and the RBI waiver letter, covering all four remittances examined in the adjudication. The failure to produce the exchange control copy and bill of entry was treated as a technical lapse, not a continuing contravention of the foreign exchange law. As no subsisting violation remained to justify penal action under the Foreign Exchange Regulation Act, the penalty was held unsustainable and the adjudication order was set aside. Case-Laws FEMA Thu, 21 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457675