https://www.taxtmi.com/caselaws?id=457670 A valid extension granted by the Reserve Bank of India for repatriation of export proceeds prevents a contravention from arising for the extended period. Because the extension letters covered the export proceeds in question and extended time up to 28 January 2006, the statutory obligation under section 18(2) of the Foreign Exchange Regulation Act, 1973 could not be treated as breached during that period. The adjudication orders, which proceeded on an assumed violation despite the extension, lacked legal basis and were set aside. The appeals accordingly succeeded and the impugned orders were quashed. en-us Wed, 10 Aug 2005 00:00:00 +0530 Wed, 25 Sep 2024 15:20:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457670 A valid extension granted by the Reserve Bank of India for repatriation of export proceeds prevents a contravention from arising for the extended period. Because the extension letters covered the export proceeds in question and extended time up to 28 January 2006, the statutory obligation under section 18(2) of the Foreign Exchange Regulation Act, 1973 could not be treated as breached during that period. The adjudication orders, which proceeded on an assumed violation despite the extension, lacked legal basis and were set aside. The appeals accordingly succeeded and the impugned orders were quashed. Case-Laws FEMA Wed, 10 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457670