https://www.taxtmi.com/caselaws?id=457755 Penalty for non-realisation of export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 is not sustainable where the Reserve Bank of India later grants permission to write off the unrealised amounts. The operative basis for contravention falls away once the exporter secures the available regularising relief, and the remaining non-realisation cannot be treated as wilful failure when no favourable RBI extension or write-off order had been obtained earlier. On that footing, the exporter is not liable for contravention and the penalty is to be set aside. en-us Wed, 27 Jun 2001 00:00:00 +0530 Thu, 26 Sep 2024 17:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457755 Penalty for non-realisation of export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 is not sustainable where the Reserve Bank of India later grants permission to write off the unrealised amounts. The operative basis for contravention falls away once the exporter secures the available regularising relief, and the remaining non-realisation cannot be treated as wilful failure when no favourable RBI extension or write-off order had been obtained earlier. On that footing, the exporter is not liable for contravention and the penalty is to be set aside. Case-Laws FEMA Wed, 27 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457755