https://www.taxtmi.com/caselaws?id=457772 In proceedings for non-realisation of export proceeds under FERA, the obligation to realise payment applies only to goods actually sold and cleared by the foreign buyer. Amounts attributable to short-shipment and destruction of goods were excluded because the department did not prove that those consignments had been cleared. For the balance consignments that were admittedly cleared, the statutory presumption under section 18(3) operated, and contravention was confined to the outstanding amount. Penalty on the Managing Director was not justified in the absence of deliberate default, personal interest, or wilful neglect. The company's penalty was treated as excessive and reduced to a token amount. en-us Wed, 08 Mar 2000 00:00:00 +0530 Fri, 27 Sep 2024 13:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457772 In proceedings for non-realisation of export proceeds under FERA, the obligation to realise payment applies only to goods actually sold and cleared by the foreign buyer. Amounts attributable to short-shipment and destruction of goods were excluded because the department did not prove that those consignments had been cleared. For the balance consignments that were admittedly cleared, the statutory presumption under section 18(3) operated, and contravention was confined to the outstanding amount. Penalty on the Managing Director was not justified in the absence of deliberate default, personal interest, or wilful neglect. The company's penalty was treated as excessive and reduced to a token amount. Case-Laws FEMA Wed, 08 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457772