https://www.taxtmi.com/caselaws?id=459807 Where export proceeds had been realised in part and the remaining balances were covered by Reserve Bank of India write-off permissions, the alleged contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 could not be sustained because the foundational allegation of failure to realise export proceeds no longer survived. The contention that the write-off was conditional on proof of surrender of proportionate cash incentives was rejected, as surrender was not a pre-condition to the write-off itself; the relevant inquiry was whether RBI had granted the write-off. On that basis, the finding of contravention and the penalty imposed on the company were unsustainable. 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 Where export proceeds had been realised in part and the remaining balances were covered by Reserve Bank of India write-off permissions, the alleged contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973 could not be sustained because the foundational allegation of failure to realise export proceeds no longer survived. The contention that the write-off was conditional on proof of surrender of proportionate cash incentives was rejected, as surrender was not a pre-condition to the write-off itself; the relevant inquiry was whether RBI had granted the write-off. On that basis, the finding of contravention and the penalty imposed on the company were unsustainable. Case-Laws FEMA Thu, 18 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459807