https://www.taxtmi.com/caselaws?id=457777 Unrealised export proceeds attracted a sustained finding of contravention under section 18(2) of the Foreign Exchange Regulation Act, 1973, because limited correspondence, no effective recovery efforts after 1990, and an incomplete remittance certificate did not rebut the presumption that the exporter failed to take effective steps to realise the dues. The penalty on the firm was therefore maintained. Individual penalties on the non-managing partners were not sustained, because the record showed the managing partner alone handled business dealings and correspondence, while separate liability for the sleeping partners was not established on the same factual or legal basis. Their penalties were set aside. en-us Thu, 16 Sep 1999 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457777 Unrealised export proceeds attracted a sustained finding of contravention under section 18(2) of the Foreign Exchange Regulation Act, 1973, because limited correspondence, no effective recovery efforts after 1990, and an incomplete remittance certificate did not rebut the presumption that the exporter failed to take effective steps to realise the dues. The penalty on the firm was therefore maintained. Individual penalties on the non-managing partners were not sustained, because the record showed the managing partner alone handled business dealings and correspondence, while separate liability for the sleeping partners was not established on the same factual or legal basis. Their penalties were set aside. Case-Laws FEMA Thu, 16 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457777