https://www.taxtmi.com/caselaws?id=457779 Penalty for non-realisation of export proceeds was found unsustainable where the exporter had taken recovery steps through personal efforts, the Indian Consulate, and proceedings in the United States, and a settlement of the outstanding proceeds had been reached. The connected adjudication had already accepted that the responsibility for realisation had been discharged and had dropped proceedings on that basis. The impugned order also relied on an incorrect date for the relevant GRI, leading to an adverse inference of inaction unsupported by the record. On these facts, the penalty under the Foreign Exchange Regulation Act could not be maintained and was set aside for the firm and its partners. en-us Mon, 09 Mar 1998 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457779 Penalty for non-realisation of export proceeds was found unsustainable where the exporter had taken recovery steps through personal efforts, the Indian Consulate, and proceedings in the United States, and a settlement of the outstanding proceeds had been reached. The connected adjudication had already accepted that the responsibility for realisation had been discharged and had dropped proceedings on that basis. The impugned order also relied on an incorrect date for the relevant GRI, leading to an adverse inference of inaction unsupported by the record. On these facts, the penalty under the Foreign Exchange Regulation Act could not be maintained and was set aside for the firm and its partners. Case-Laws FEMA Mon, 09 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457779