https://www.taxtmi.com/caselaws?id=457902 Penalty for non-realisation of export proceeds may be reduced where part of the outstanding amount is covered by RBI write-off permission, later realised, or attributable to disputes and other circumstances beyond the exporter's control, but incomplete diligence can still leave residual liability. On the facts, the first exporter was not fully exonerated and its penalty was reduced. A penalty on a second person as one knowingly concerned requires evidence of deliberate participation in the contravention; absent such evidence, the penalty could not stand and was set aside. en-us Mon, 16 Oct 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457902 Penalty for non-realisation of export proceeds may be reduced where part of the outstanding amount is covered by RBI write-off permission, later realised, or attributable to disputes and other circumstances beyond the exporter's control, but incomplete diligence can still leave residual liability. On the facts, the first exporter was not fully exonerated and its penalty was reduced. A penalty on a second person as one knowingly concerned requires evidence of deliberate participation in the contravention; absent such evidence, the penalty could not stand and was set aside. Case-Laws FEMA Mon, 16 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457902