https://www.taxtmi.com/caselaws?id=457844 Non-realisation of export proceeds was not treated as a contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973, where the outstanding amount had been partly adjusted against surplus advance remittances with RBI permission and the balance had been written off by RBI. On those facts, the alleged failure to realise the full export proceeds did not sustain liability under section 18(2). As the principal exporter was found not guilty of contravention, the basis for penalty against the partner under section 68(1) for the same default also failed. en-us Thu, 04 Dec 1997 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457844 Non-realisation of export proceeds was not treated as a contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973, where the outstanding amount had been partly adjusted against surplus advance remittances with RBI permission and the balance had been written off by RBI. On those facts, the alleged failure to realise the full export proceeds did not sustain liability under section 18(2). As the principal exporter was found not guilty of contravention, the basis for penalty against the partner under section 68(1) for the same default also failed. Case-Laws FEMA Thu, 04 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457844