https://www.taxtmi.com/caselaws?id=457806 Adjudication for alleged contravention of export realisation requirements was premature where the prescribed realisation period had not expired and applications for extension of time and write-off were still pending before the RBI. The exporter had taken steps to secure payment, and in that situation default could not be presumed or treated as complete. Once the underlying contravention against the company could not be sustained, the derivative penalties imposed on the directors also lacked an independent basis. The commentary states that proceedings initiated before the RBI decided the pending applications were not maintainable in law. en-us Thu, 20 May 1999 00:00:00 +0530 Fri, 27 Sep 2024 16:00:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457806 Adjudication for alleged contravention of export realisation requirements was premature where the prescribed realisation period had not expired and applications for extension of time and write-off were still pending before the RBI. The exporter had taken steps to secure payment, and in that situation default could not be presumed or treated as complete. Once the underlying contravention against the company could not be sustained, the derivative penalties imposed on the directors also lacked an independent basis. The commentary states that proceedings initiated before the RBI decided the pending applications were not maintainable in law. Case-Laws FEMA Thu, 20 May 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457806