TaxTMI 
TaxTMI 
2008 (7) TMI 850
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....appellants i.e., partners of noticee firm for the reason of failure to realize and repatriate outstanding export proceeds in contravention of Section 18(2) and 18(3) of FER Act, 1973. 3. By an order dated 17-3-2005, after hearing argument from Shri Atishi Dipankar, ld. Counsel appearing for the appellants this Tribunal permitted the appellants to deposit Rs. 2 lakhs each in their respective appeals within 60 days. It is stated that the appellants have made the pre-deposit. Despite notice appellants failed to appear or being represented. Dr. Shamshuddin, ld. DLA appearing for the respondent states that on previous occasion i.e., 1-1-2008, Shri Atishi Dipankar, ld. Counsel sought adjournment to enable the appellants to obtain permissi....
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....sonal visit to U.S.A. and persuasion over telephone to realize the outstanding export proceeds. In reply, the said foreign buyer assured early payment. Ultimately the said foreign buyer and its associates i.e. M/s. Indo-American Design Workshop Inc. filed petition in the U.S. Bankruptcy Court in December 1996. The group of noticee firm lodged claim for the outstanding amount with the Attorney appointed by U.S. Bankruptcy Court in December, 1996. Subsequently U.S. Bankruptcy Court passed decree in 1997 declaring the said buyer insolvent. The noticee firm then approached RBI through authorized dealer for write off of the outstanding amount. 5. Per contra Dr. Shamshuddin, ld. DLA contended that in the instant case goods worth Rs. 33,45....
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....ion of Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing - (A) in a case falling under sub-clause (i) or sub-clause (ii) of clause (a) of sub-section (1), (a) that payment for the goods - (iii) is made otherwise than in the prescribed manner, or (iv) is delayed beyond the period prescribed, under clause (a) of sub-section (I), or (b) that the proceeds of sale of the goods exported do not represent the full export value of the goods subject to such deductions, if any, as may be allowed by Reserve Bank; and (B) in a case falling under sub-clause....
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.... recovered the payment for the goods and thereby contravened Section 18(2). 8. Section 18(3) creates rebuttable adverse legal presumption against the exporter of not taking reasonable steps. It is well settled that the expression reasonable is not susceptible of a clear and precise definition. In this regard reference may aptly be made to the decision of the Hon'ble Supreme Court in Veerayae Ammal v. Seeni Ammal, JT 2001 (9) SC 145 where the Hon'ble Court observed as under : "The word 'reasonable' has in law prima facie meaning of reasonable in regard to those circumstances of which the person concerned is called upon to act reasonably knows or ought to know as to what was reasonable. It may be unreasonable to give exact definiti....