https://www.taxtmi.com/caselaws?id=457753 Non-realisation of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973 attracts the statutory scheme for export realisation, and proof of non-realisation raises a rebuttable presumption under section 18(3) that reasonable steps were not taken. The exporter must rebut that presumption with cogent evidence, such as timely requests for extension, alternate receipt permission, or write-off; absent such evidence, the penalty is sustainable. A show-cause notice that clearly alleges non-realisation is not vague merely because it is challenged, and no breach of natural justice arises without demonstrated denial of fair opportunity. A modest penalty will not be treated as excessive where it falls within the statutory framework. en-us Fri, 06 Jul 2001 00:00:00 +0530 Thu, 26 Sep 2024 17:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457753 Non-realisation of export proceeds under section 18(2) of the Foreign Exchange Regulation Act, 1973 attracts the statutory scheme for export realisation, and proof of non-realisation raises a rebuttable presumption under section 18(3) that reasonable steps were not taken. The exporter must rebut that presumption with cogent evidence, such as timely requests for extension, alternate receipt permission, or write-off; absent such evidence, the penalty is sustainable. A show-cause notice that clearly alleges non-realisation is not vague merely because it is challenged, and no breach of natural justice arises without demonstrated denial of fair opportunity. A modest penalty will not be treated as excessive where it falls within the statutory framework. Case-Laws FEMA Fri, 06 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457753