https://www.taxtmi.com/caselaws?id=457736 The appeal was allowed in favor of the appellant, with the penalty imposed under sections 18(2) and 18(3) of the Foreign Exchange Regulation Act, 1973, being quashed. The Chairperson recognized the appellant's compliance with section 18(3) and acknowledged the circumstances, including the buyer's refusal and the appellant's efforts to recover export proceeds. The appellant's inability to produce documents during adjudication due to a partner's illness was considered, leading to the setting aside of the impugned order. The decision underscored the appellant's reasonable actions and discharged burden of proof, resulting in the penalty being overturned. en-us Thu, 30 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457736 The appeal was allowed in favor of the appellant, with the penalty imposed under sections 18(2) and 18(3) of the Foreign Exchange Regulation Act, 1973, being quashed. The Chairperson recognized the appellant's compliance with section 18(3) and acknowledged the circumstances, including the buyer's refusal and the appellant's efforts to recover export proceeds. The appellant's inability to produce documents during adjudication due to a partner's illness was considered, leading to the setting aside of the impugned order. The decision underscored the appellant's reasonable actions and discharged burden of proof, resulting in the penalty being overturned. Case-Laws FEMA Thu, 30 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457736