https://www.taxtmi.com/caselaws?id=457881 Bona fide and effective efforts to realise export proceeds, including recovery action against the foreign buyer, approaches to the reserve bank and other agencies, and institution of legal proceedings, were sufficient to rebut the presumption of contravention arising from non-realisation. The record also showed that some assumptions in the adjudication order were incorrect, including the alleged settlement and the timing of litigation. On these facts, the alleged contravention for non-realisation was not established, and the consequential penalty could not survive. en-us Sat, 30 Dec 1995 00:00:00 +0530 Mon, 30 Sep 2024 12:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457881 Bona fide and effective efforts to realise export proceeds, including recovery action against the foreign buyer, approaches to the reserve bank and other agencies, and institution of legal proceedings, were sufficient to rebut the presumption of contravention arising from non-realisation. The record also showed that some assumptions in the adjudication order were incorrect, including the alleged settlement and the timing of litigation. On these facts, the alleged contravention for non-realisation was not established, and the consequential penalty could not survive. Case-Laws FEMA Sat, 30 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457881