https://www.taxtmi.com/caselaws?id=457840 Subsequent realisation of export proceeds can defeat a charge of non-realisation under Section 18(2) of the Foreign Exchange Regulation Act, 1973 when the outstanding amount has been received before final disposal. The appellant produced bank certificates and inward remittance records showing that the foreign exchange earlier treated as outstanding had later been credited. On that factual basis, the default assumed in adjudication no longer survived, and the contravention was held not sustainable. The penalty order was set aside and the pre-deposit was refundable. en-us Tue, 09 Dec 1997 00:00:00 +0530 Sat, 28 Sep 2024 10:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457840 Subsequent realisation of export proceeds can defeat a charge of non-realisation under Section 18(2) of the Foreign Exchange Regulation Act, 1973 when the outstanding amount has been received before final disposal. The appellant produced bank certificates and inward remittance records showing that the foreign exchange earlier treated as outstanding had later been credited. On that factual basis, the default assumed in adjudication no longer survived, and the contravention was held not sustainable. The penalty order was set aside and the pre-deposit was refundable. Case-Laws FEMA Tue, 09 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457840