https://www.taxtmi.com/caselaws?id=763568 A limitation objection under the Foreign Exchange Management Act transitional saving provisions failed because the show-cause notice and reply were both within the permitted sunset period. On the merits, a conditional Reserve Bank of India write-off did not extinguish liability where the attached conditions, including return of export incentives already availed, were not fulfilled. The HC also noted that the appellate authority considered the record and substantially reduced the penalty, and treated the order as a reasoned speaking order. The finding of contravention of export-realisation obligations was therefore sustained, and the penalties as modified in appeal were upheld. en-us Fri, 29 Nov 2024 00:00:00 +0530 Sat, 21 Dec 2024 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763568 A limitation objection under the Foreign Exchange Management Act transitional saving provisions failed because the show-cause notice and reply were both within the permitted sunset period. On the merits, a conditional Reserve Bank of India write-off did not extinguish liability where the attached conditions, including return of export incentives already availed, were not fulfilled. The HC also noted that the appellate authority considered the record and substantially reduced the penalty, and treated the order as a reasoned speaking order. The finding of contravention of export-realisation obligations was therefore sustained, and the penalties as modified in appeal were upheld. Case-Laws FEMA Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763568