https://www.taxtmi.com/caselaws?id=457753 The tribunal dismissed the appeal, upholding the penalty imposed for contravening section 18(2) of the Foreign Exchange Regulation Act, 1973, due to non-realization of export proceeds. The appellant's requests for adjournment and stay of pre-deposit were denied. The tribunal found no infirmity in the impugned order, rejecting claims of vagueness in the show-cause notice and excessive penalty. The appellant failed to rebut the presumption of non-realization with sufficient evidence, and the tribunal emphasized the exporter's duty to seek necessary extensions or permissions from the RBI. The appeal was deemed lacking in substance, and the penalty was affirmed. 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 The tribunal dismissed the appeal, upholding the penalty imposed for contravening section 18(2) of the Foreign Exchange Regulation Act, 1973, due to non-realization of export proceeds. The appellant's requests for adjournment and stay of pre-deposit were denied. The tribunal found no infirmity in the impugned order, rejecting claims of vagueness in the show-cause notice and excessive penalty. The appellant failed to rebut the presumption of non-realization with sufficient evidence, and the tribunal emphasized the exporter's duty to seek necessary extensions or permissions from the RBI. The appeal was deemed lacking in substance, and the penalty was affirmed. Case-Laws FEMA Fri, 06 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457753