https://www.taxtmi.com/caselaws?id=457751 Adjustment of unpaid export proceeds without prior Reserve Bank of India permission was treated as a contravention of foreign exchange law because the exporter remained obliged to realise the full export value unless authorised adjustment was permitted. The tribunal nevertheless found mitigating circumstances relevant to penalty: the amount involved was small, most export proceeds had been realised, and the conduct was attributed to business exigency rather than deliberate non-compliance. On that basis, the penalty quantum was reduced, and the separate penalty imposed on the managing partner was deleted. en-us Fri, 06 Jul 2001 00:00:00 +0530 Thu, 26 Sep 2024 17:19:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457751 Adjustment of unpaid export proceeds without prior Reserve Bank of India permission was treated as a contravention of foreign exchange law because the exporter remained obliged to realise the full export value unless authorised adjustment was permitted. The tribunal nevertheless found mitigating circumstances relevant to penalty: the amount involved was small, most export proceeds had been realised, and the conduct was attributed to business exigency rather than deliberate non-compliance. On that basis, the penalty quantum was reduced, and the separate penalty imposed on the managing partner was deleted. Case-Laws FEMA Fri, 06 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457751