https://www.taxtmi.com/caselaws?id=457897 Non-realisation of export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 was not established where the export bills were first sent to the wrong party and then delayed in forwarding to alternative buyers. The buyers' refusal to retire the documents flowed from the bank's handling of the bills and the resulting delay, not from any default by the exporter. On those facts, the alleged contravention failed, the penalty was unsustainable, and the adjudication order was set aside. en-us Mon, 11 Dec 1995 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457897 Non-realisation of export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 was not established where the export bills were first sent to the wrong party and then delayed in forwarding to alternative buyers. The buyers' refusal to retire the documents flowed from the bank's handling of the bills and the resulting delay, not from any default by the exporter. On those facts, the alleged contravention failed, the penalty was unsustainable, and the adjudication order was set aside. Case-Laws FEMA Mon, 11 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457897