https://www.taxtmi.com/caselaws?id=457722 The tribunal upheld the findings of contravention against the appellants under the Foreign Exchange Regulations Act for failing to realize export proceeds. While recognizing efforts made to rectify the situation, the tribunal reduced the penalty from Rs. 70,000 to Rs. 20,000 per appellant, directing payment within 10 days. The appeal was partly allowed, modifying the penalty order. en-us Mon, 05 May 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457722 The tribunal upheld the findings of contravention against the appellants under the Foreign Exchange Regulations Act for failing to realize export proceeds. While recognizing efforts made to rectify the situation, the tribunal reduced the penalty from Rs. 70,000 to Rs. 20,000 per appellant, directing payment within 10 days. The appeal was partly allowed, modifying the penalty order. Case-Laws FEMA Mon, 05 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457722