https://www.taxtmi.com/caselaws?id=457883 Failure to realise outstanding export proceeds attracts the statutory presumption of contravention under the Foreign Exchange Regulation Act unless the exporter shows effective legal or other measures to recover the balance; business inconvenience alone does not displace that obligation. In assessing penalty, mitigating factors such as long business history, earlier foreign exchange earnings, no design to retain funds abroad, business stoppage, and financial hardship may justify reduction where the original amount is harsh. A separate penalty on a partner is ordinarily unsustainable when the firm has already been penalised and no personal gain or distinct misconduct is shown. en-us Mon, 19 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 13:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457883 Failure to realise outstanding export proceeds attracts the statutory presumption of contravention under the Foreign Exchange Regulation Act unless the exporter shows effective legal or other measures to recover the balance; business inconvenience alone does not displace that obligation. In assessing penalty, mitigating factors such as long business history, earlier foreign exchange earnings, no design to retain funds abroad, business stoppage, and financial hardship may justify reduction where the original amount is harsh. A separate penalty on a partner is ordinarily unsustainable when the firm has already been penalised and no personal gain or distinct misconduct is shown. Case-Laws FEMA Mon, 19 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457883