https://www.taxtmi.com/caselaws?id=457738 Liability for a pre-dissolution export-control contravention survives dissolution of the firm, but an individual partner can be penalised only if the record proves actual responsibility for the firm's business affairs. The text also states that compliance with the duty to take reasonable steps to realise export proceeds requires timely, specific and substantiated action, including resort to the regulatory authority within the prescribed period; general correspondence or informal follow-up is insufficient. On the facts discussed, the contravention finding under section 18(3) was upheld, while the partner's penalty was set aside for lack of proof of responsibility and the firm's penalty was reduced on equitable considerations. en-us Mon, 27 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457738 Liability for a pre-dissolution export-control contravention survives dissolution of the firm, but an individual partner can be penalised only if the record proves actual responsibility for the firm's business affairs. The text also states that compliance with the duty to take reasonable steps to realise export proceeds requires timely, specific and substantiated action, including resort to the regulatory authority within the prescribed period; general correspondence or informal follow-up is insufficient. On the facts discussed, the contravention finding under section 18(3) was upheld, while the partner's penalty was set aside for lack of proof of responsibility and the firm's penalty was reduced on equitable considerations. Case-Laws FEMA Mon, 27 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457738