https://www.taxtmi.com/caselaws?id=459808 Non-realisation of export proceeds did not establish contravention of section 18(2) where the record showed explanations for each outstanding transaction, including non-receipt by the foreign buyer, reimport, partial or full realisation, buyer bankruptcy, and recovery steps taken by the appellants. An adjudication based only on bank information and the absence of a reply to the show-cause notice, without independent evidentiary support, was treated as no real adjudication of the charge. On these facts, the non-realisation was not shown to result from any act or omission of the appellants, so the penalties on the firm and its partners were unsustainable. 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 Non-realisation of export proceeds did not establish contravention of section 18(2) where the record showed explanations for each outstanding transaction, including non-receipt by the foreign buyer, reimport, partial or full realisation, buyer bankruptcy, and recovery steps taken by the appellants. An adjudication based only on bank information and the absence of a reply to the show-cause notice, without independent evidentiary support, was treated as no real adjudication of the charge. On these facts, the non-realisation was not shown to result from any act or omission of the appellants, so the penalties on the firm and its partners were unsustainable. Case-Laws FEMA Thu, 05 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459808