https://www.taxtmi.com/caselaws?id=457711 Contravention of foreign exchange remittance obligations was sustained where export/import value was remitted but the goods were not received in India and no effective steps were taken to recover the amount. An explanation based on alleged default by the Port Trust and non-production of documents was rejected on the record. Although liability was upheld, the penalty was reduced because the appellant had suffered loss, had already deposited the penalty, and mitigating circumstances justified lesser punishment. The Tribunal therefore maintained the violation finding while modifying the quantum downward. en-us Mon, 08 Dec 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457711 Contravention of foreign exchange remittance obligations was sustained where export/import value was remitted but the goods were not received in India and no effective steps were taken to recover the amount. An explanation based on alleged default by the Port Trust and non-production of documents was rejected on the record. Although liability was upheld, the penalty was reduced because the appellant had suffered loss, had already deposited the penalty, and mitigating circumstances justified lesser punishment. The Tribunal therefore maintained the violation finding while modifying the quantum downward. Case-Laws FEMA Mon, 08 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457711