https://www.taxtmi.com/caselaws?id=457946 Non-realisation of export proceeds was established only partly: for three consignments, diversion of goods and sale to an alternative buyer explained the failure to realise payment, while for two consignments exported to Canada no satisfactory evidence showed effective steps to secure remittance, so contravention was sustained for those exports. The penalty was then reduced because there was no material indicating retention of unrealised foreign exchange abroad, the exporter had suffered losses, and the business was a sole proprietorship. On the overall facts, the punitive response was moderated to match the limited proved default. en-us Tue, 01 Aug 1995 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457946 Non-realisation of export proceeds was established only partly: for three consignments, diversion of goods and sale to an alternative buyer explained the failure to realise payment, while for two consignments exported to Canada no satisfactory evidence showed effective steps to secure remittance, so contravention was sustained for those exports. The penalty was then reduced because there was no material indicating retention of unrealised foreign exchange abroad, the exporter had suffered losses, and the business was a sole proprietorship. On the overall facts, the punitive response was moderated to match the limited proved default. Case-Laws FEMA Tue, 01 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457946