https://www.taxtmi.com/caselaws?id=457808 Full subsequent realisation of outstanding export proceeds removed the basis for penalty under section 18(2) of the Foreign Exchange Regulation Act, 1973. The appellate authority noted that the unpaid balances relating to the listed GRIs had been recovered by the time of appeal and that the adjudicating officer had already shown leniency because of the appellant's bona fide efforts to recover the amounts abroad. On that footing, mere delay in realisation did not justify sustaining the contravention finding or the penalty, and the impugned adjudication order was set aside. en-us Tue, 12 Oct 1999 00:00:00 +0530 Fri, 27 Sep 2024 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457808 Full subsequent realisation of outstanding export proceeds removed the basis for penalty under section 18(2) of the Foreign Exchange Regulation Act, 1973. The appellate authority noted that the unpaid balances relating to the listed GRIs had been recovered by the time of appeal and that the adjudicating officer had already shown leniency because of the appellant's bona fide efforts to recover the amounts abroad. On that footing, mere delay in realisation did not justify sustaining the contravention finding or the penalty, and the impugned adjudication order was set aside. Case-Laws FEMA Tue, 12 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457808