https://www.taxtmi.com/caselaws?id=457945 Penalty for alleged non-realisation of export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 could not be sustained where the record showed full realisation and the bank certified nil outstanding. The impugned order wrongly proceeded on the footing that amounts relating to three GRIs remained unpaid, although the exports concerned only two relevant GRIs and the appellant had produced certificates confirming remittance and receipt of export proceeds. Reliance on earlier information was improper when later intimation showed realisation, and the plea of delayed realisation did not fit the basis of the order, which rested on non-receipt and an outstanding balance. The impugned penalty order was therefore liable to be set aside. en-us Mon, 20 Nov 1995 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457945 Penalty for alleged non-realisation of export proceeds under section 18(2) read with section 18(3) of the Foreign Exchange Regulation Act, 1973 could not be sustained where the record showed full realisation and the bank certified nil outstanding. The impugned order wrongly proceeded on the footing that amounts relating to three GRIs remained unpaid, although the exports concerned only two relevant GRIs and the appellant had produced certificates confirming remittance and receipt of export proceeds. Reliance on earlier information was improper when later intimation showed realisation, and the plea of delayed realisation did not fit the basis of the order, which rested on non-receipt and an outstanding balance. The impugned penalty order was therefore liable to be set aside. Case-Laws FEMA Mon, 20 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457945