https://www.taxtmi.com/caselaws?id=459807 The court determined that the appellant-company did not contravene section 18(2) of the Foreign Exchange Regulation Act, 1973, as the export proceeds were either realized or appropriately written off by the RBI. Consequently, the penalties imposed under section 68(1) were deemed unwarranted and were set aside. The court clarified that the requirement to surrender cash incentives was not a pre-condition for the RBI's write-off permissions, thus dismissing the respondent's argument. The court's decision absolved the appellant of any liability for penalties related to the alleged violations. en-us Thu, 18 Feb 1999 00:00:00 +0530 Sat, 28 Dec 2024 11:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459807 The court determined that the appellant-company did not contravene section 18(2) of the Foreign Exchange Regulation Act, 1973, as the export proceeds were either realized or appropriately written off by the RBI. Consequently, the penalties imposed under section 68(1) were deemed unwarranted and were set aside. The court clarified that the requirement to surrender cash incentives was not a pre-condition for the RBI's write-off permissions, thus dismissing the respondent's argument. The court's decision absolved the appellant of any liability for penalties related to the alleged violations. Case-Laws FEMA Thu, 18 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459807