https://www.taxtmi.com/caselaws?id=457732 Penalty under section 68(1) of the Foreign Exchange Regulation Act, 1973 is not necessarily sustainable against a partner where the Tribunal finds that the firm has already made substantial export realisation and the surrounding facts do not justify separate penal liability. On the same facts, the quantum of penalty on the firm may be moderated where only the balance export proceeds remain unrealised and the circumstances explain the shortfall. The discussed order granted partial relief by setting aside the partner's penalty, reducing the firm's penalty, and directing refund of the excess deposit. en-us Mon, 23 Sep 2002 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457732 Penalty under section 68(1) of the Foreign Exchange Regulation Act, 1973 is not necessarily sustainable against a partner where the Tribunal finds that the firm has already made substantial export realisation and the surrounding facts do not justify separate penal liability. On the same facts, the quantum of penalty on the firm may be moderated where only the balance export proceeds remain unrealised and the circumstances explain the shortfall. The discussed order granted partial relief by setting aside the partner's penalty, reducing the firm's penalty, and directing refund of the excess deposit. Case-Laws FEMA Mon, 23 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457732