https://www.taxtmi.com/caselaws?id=457787 Penalty for alleged foreign exchange contravention was held unsustainable where export proceeds were ultimately realised and the exporter had taken bona fide, reasonable steps to recover them. Bank certificates showed full realisation of the export value, and correspondence with the buyer, bank and Consulate General of India supported genuine recovery efforts. The absence of a legal notice was not treated as essential to prove effective steps. On that basis, the finding of contravention could not stand, and the adverse adjudication, including the penalty, was set aside with refund of the deposited amount. en-us Mon, 06 Sep 1999 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457787 Penalty for alleged foreign exchange contravention was held unsustainable where export proceeds were ultimately realised and the exporter had taken bona fide, reasonable steps to recover them. Bank certificates showed full realisation of the export value, and correspondence with the buyer, bank and Consulate General of India supported genuine recovery efforts. The absence of a legal notice was not treated as essential to prove effective steps. On that basis, the finding of contravention could not stand, and the adverse adjudication, including the penalty, was set aside with refund of the deposited amount. Case-Laws FEMA Mon, 06 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457787