https://www.taxtmi.com/caselaws?id=459808 The court set aside the adjudicating authority's order against the appellant-firm and its partners, finding them not guilty of contravening section 18(2) of the Foreign Exchange Regulation Act, 1973. The court determined that the department failed to provide adequate evidence to support the claims of non-realization of export proceeds and criticized the reliance on uncorroborated bank information. It emphasized the need for reliable evidence and thorough investigation by the department. Consequently, the court directed the refund of pre-deposited penalties imposed on the appellants. en-us Thu, 05 Mar 1998 00:00:00 +0530 Sat, 28 Dec 2024 14:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459808 The court set aside the adjudicating authority's order against the appellant-firm and its partners, finding them not guilty of contravening section 18(2) of the Foreign Exchange Regulation Act, 1973. The court determined that the department failed to provide adequate evidence to support the claims of non-realization of export proceeds and criticized the reliance on uncorroborated bank information. It emphasized the need for reliable evidence and thorough investigation by the department. Consequently, the court directed the refund of pre-deposited penalties imposed on the appellants. Case-Laws FEMA Thu, 05 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459808