https://www.taxtmi.com/caselaws?id=457735 The Tribunal partially allowed the appeal, modifying the Adjudication Order by reducing the penalty from Rs. 1,50,000 to Rs. 50,000 for contravention of the Foreign Exchange Regulation Act, 1973. It acknowledged the appellant's efforts to realize export proceeds but emphasized the necessity of timely RBI applications for extensions. The already deposited amount was adjusted against the revised penalty. en-us Mon, 10 Sep 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457735 The Tribunal partially allowed the appeal, modifying the Adjudication Order by reducing the penalty from Rs. 1,50,000 to Rs. 50,000 for contravention of the Foreign Exchange Regulation Act, 1973. It acknowledged the appellant's efforts to realize export proceeds but emphasized the necessity of timely RBI applications for extensions. The already deposited amount was adjusted against the revised penalty. Case-Laws FEMA Mon, 10 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457735