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2013 (11) TMI 1540 - MADRAS HIGH COURTImposition of penalty - Non realization of export proceeds - Held that:- The 2nd respondent in exercise of the powers under Regulation 13 of the Foreign Exchange Management Regulations, 2000, RBI issued the orders agreeing for condonation of non-realization of export proceeds and writing off the outstanding amount subject to the condition of the exporter should surrender to the proportionate amount of incentives. Further, the appellant cannot claim the benefit of condonation under the said order unless the condition namely, surrender a proportionate amount of incentives to the Commissioner of Customs has been complied with by the exporter concerned. However, the condition has not been complied with as stipulated in the order passed by the 2nd respondent, as such the appellant cannot seek to claim any benefit under the said order dated 23-2-2005 of the 2nd respondent. Firm constituted by the family members and out of them no one stated that the appellant is retired from the said firm since 1997, as such the appellant is not liable to pay any penalty. Further, one of the partners Shri Sharavan Kumar has stated in his statement before the 1st respondent herein that the appellant and two others are partners besides the appellant and another partner Shri Sharavan Kumar were looking after the business and the day to day affairs of the Company - Decided against appellangt.
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