https://www.taxtmi.com/caselaws?id=457687 A statutory presumption against the exporter applied where export proceeds were not repatriated, and the partnership firm failed to rebut it because general assertions that goods remained unsold abroad and that visits were made to the buyer did not show reasonable efforts to recover the proceeds. The finding of guilt and penalty against the firm were therefore sustained, and the penalty was not treated as excessive. By contrast, no independent material established separate culpability of the partner, so simultaneous penalty on the partner was unsustainable and was set aside. en-us Tue, 13 Jul 2004 00:00:00 +0530 Wed, 25 Sep 2024 18:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457687 A statutory presumption against the exporter applied where export proceeds were not repatriated, and the partnership firm failed to rebut it because general assertions that goods remained unsold abroad and that visits were made to the buyer did not show reasonable efforts to recover the proceeds. The finding of guilt and penalty against the firm were therefore sustained, and the penalty was not treated as excessive. By contrast, no independent material established separate culpability of the partner, so simultaneous penalty on the partner was unsustainable and was set aside. Case-Laws FEMA Tue, 13 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457687