https://www.taxtmi.com/caselaws?id=457738 The Tribunal allowed the appeal concerning the penalty on the partner, setting aside the Rs. 5 lakhs penalty due to lack of evidence under section 68(1) of FERA, 1973. The appeal regarding the firm was partly allowed, reducing the penalty from Rs. 10 lakhs to Rs. 1 lakh, acknowledging compassionate grounds despite the firm's dissolution. The Tribunal emphasized the necessity for the appellants to take reasonable steps, such as seeking RBI extensions, which they failed to substantiate, leading to the penalties for non-realisation of export proceeds. 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 The Tribunal allowed the appeal concerning the penalty on the partner, setting aside the Rs. 5 lakhs penalty due to lack of evidence under section 68(1) of FERA, 1973. The appeal regarding the firm was partly allowed, reducing the penalty from Rs. 10 lakhs to Rs. 1 lakh, acknowledging compassionate grounds despite the firm's dissolution. The Tribunal emphasized the necessity for the appellants to take reasonable steps, such as seeking RBI extensions, which they failed to substantiate, leading to the penalties for non-realisation of export proceeds. Case-Laws FEMA Mon, 27 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457738