https://www.taxtmi.com/caselaws?id=457971 Non-realisation of export proceeds under FERA does not by itself establish contravention where the exporter has taken all reasonable steps to repatriate the amount under section 18(3). A change in payment terms from COD to 90 days, without more, did not negate bona fides or show an ulterior motive, and the refusal to realise a reduced value without Reserve Bank permission was not a discreditable omission. Because correspondence and other material indicating recovery efforts were not properly considered, the penalty order was held unsustainable and the matter was remanded for fresh adjudication after full appraisal of the evidence and further opportunity to produce material. en-us Wed, 13 May 1992 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457971 Non-realisation of export proceeds under FERA does not by itself establish contravention where the exporter has taken all reasonable steps to repatriate the amount under section 18(3). A change in payment terms from COD to 90 days, without more, did not negate bona fides or show an ulterior motive, and the refusal to realise a reduced value without Reserve Bank permission was not a discreditable omission. Because correspondence and other material indicating recovery efforts were not properly considered, the penalty order was held unsustainable and the matter was remanded for fresh adjudication after full appraisal of the evidence and further opportunity to produce material. Case-Laws FEMA Wed, 13 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457971