https://www.taxtmi.com/caselaws?id=798533 Penalty under Section 50 of the Foreign Exchange Regulation Act, 1973 is subject to a maximum limit but must be fixed through reasonable, judicial and reasoned discretion proportionate to the contravention. Retaining the original penalty after excluding two remittance forms already adjudicated and recognising RBI write-off of another, without explaining the unchanged quantum, failed that standard. The penalty for non-realisation of export proceeds was therefore set aside as unreasoned and disproportionate and replaced with a lower penalty. en-us Tue, 08 Sep 2026 00:00:00 +0530 Wed, 09 Sep 2026 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798533 Penalty under Section 50 of the Foreign Exchange Regulation Act, 1973 is subject to a maximum limit but must be fixed through reasonable, judicial and reasoned discretion proportionate to the contravention. Retaining the original penalty after excluding two remittance forms already adjudicated and recognising RBI write-off of another, without explaining the unchanged quantum, failed that standard. The penalty for non-realisation of export proceeds was therefore set aside as unreasoned and disproportionate and replaced with a lower penalty. Case-Laws FEMA Tue, 08 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798533