Penalty Upheld for Non-Receipt of Export Proceeds Without Approval; Explanation Deemed False u/s 271(1)(c).

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....Penalty u/s.271(1)(c) - non receipt of export proceeds - , the approval having not been sought, there is no basis to even expect an approval - assessee’s explanation is both false and not bona fide and is guilty of a dishonest conduct - levy of penalty @ 120% confirmed - AT....