https://www.taxtmi.com/caselaws?id=457902 The tribunal imposed penalties under section 18(2) of the Foreign Exchange Regulation Act, 1973, on two appellants for failing to realize export proceeds. The first appellant's penalty was reduced to Rs. 2,50,000, while the second appellant's penalty was set aside due to insufficient evidence of intentional non-realization. Exoneration was granted for certain GRIs based on RBI permissions for write-offs. Detailed scrutiny of discrepancies and appellants' recovery efforts was conducted, emphasizing the role of RBI permissions in exoneration. The tribunal's decision reflects a nuanced assessment of legal compliance and efforts to recover outstanding amounts. 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 The tribunal imposed penalties under section 18(2) of the Foreign Exchange Regulation Act, 1973, on two appellants for failing to realize export proceeds. The first appellant's penalty was reduced to Rs. 2,50,000, while the second appellant's penalty was set aside due to insufficient evidence of intentional non-realization. Exoneration was granted for certain GRIs based on RBI permissions for write-offs. Detailed scrutiny of discrepancies and appellants' recovery efforts was conducted, emphasizing the role of RBI permissions in exoneration. The tribunal's decision reflects a nuanced assessment of legal compliance and efforts to recover outstanding amounts. Case-Laws FEMA Mon, 16 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457902