https://www.taxtmi.com/caselaws?id=457946 The Appellate Tribunal of the Foreign Exchange Regulation Appellate Board partially allowed the appeal, reducing the penalty for non-realization of export proceeds from the initial amount to Rs. 60,000. The Tribunal acknowledged the appellant's financial constraints and circumstances surrounding the exports. The appeal was modified to reflect this reduced penalty, with the appellant given thirty days to comply. If the revised penalty is not paid within this period, the respondents are authorized to recover the penalty as per legal procedures. The Tribunal found justification for penalty reduction due to the appellant's sole proprietorship and the absence of foreign exchange retention outside the country. 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 The Appellate Tribunal of the Foreign Exchange Regulation Appellate Board partially allowed the appeal, reducing the penalty for non-realization of export proceeds from the initial amount to Rs. 60,000. The Tribunal acknowledged the appellant's financial constraints and circumstances surrounding the exports. The appeal was modified to reflect this reduced penalty, with the appellant given thirty days to comply. If the revised penalty is not paid within this period, the respondents are authorized to recover the penalty as per legal procedures. The Tribunal found justification for penalty reduction due to the appellant's sole proprietorship and the absence of foreign exchange retention outside the country. Case-Laws FEMA Tue, 01 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457946