9911796707
TMI Blog2008 (1) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... s that appellant after making exports by two GRIs of the value of Rs. 10,84,000 failed to take reasonable steps for repatriation of export proceeds within the prescribed period of six months or any other extended period by RBI. This Tribunal while disposing of application for dispensation of pre-deposit allowed full dispensation of pre-deposit of penalty by order dated 30-5-2007 passed by this Tribunal. Presently we are hearing this appeal on merits for final disposal. 2. We have heard Shri Anil Arora, Chartered Accountant on behalf of the appellant and Shri A.C. Singh, DLA for respondent. According to Shri Anil Arora, Chartered Accountant, the appellant exported by two GRIs two consignments on 30-4-1990 and 21-6-1990 of the value of Rs. 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... patriation of export price but end result of receipt or no receipt of money is not the criteria. The receipt of price can at best throw light on total quantum of efforts, if they are reasonable in the circumstances. The law in this regard is contained in sections 18(2) and 18(3) FERA Act, 1973 which reads as follows: Section 18. Payment for exported goods. (1) ** ** ** (2) Where any export of goods, has been made, no person shall, except with the permission of the Reserve Bank, do or refrain from doing anything, or take or refrain from taking any action, which has the effect of securing (A) ** ** ** (c) that payment for the goods - (iii) is made otherwise than in the prescribed manner, or, (3) Where in relation to any goods to which a notif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 959 and 3968) the word reasonable has been described as follows : (iii) what is 'fair' and proper under the circumstances. (iv) the expression reasonable is not susceptible of a clear and precise definition. A thing which is reasonable in one case may not be reasonable in another. Reasonable does not mean the best, it means most suitable in a given set of circumstances. (i) ** ** ** (ii) There is no point on which a greater amount of decision is to be found in Courts of Law and equity than as to what is reasonable. It is impossible a priori to state what is reasonable as such in all cases. You must have the particular facts of each case established before you can ascertain what is meant by reasonable under the circumstances - Lord R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 94] 76 Taxman 299 (FERAB) (Mag.), (ii ) Taj Traders Transport Co. Ltd. v. Director of Enforcement [1995] 80 Taxman 103 (FERAB) (Mag.) and (iii ) Heeralal Sons v. Director of Enforcement [1995] 71 Taxman (sic) cannot make a dent in the impugned order. Moreover this is not on the question of displacement of adverse presumption of not taking reasonable steps. 7. We agree with the arguments advanced by Shri A.C. Singh, DLA - that appellant has failed to take reasonable steps within or outside the period of six months till the foreign buyer reached bankruptcy after about more than 5 years. Therefore, the bankruptcy proceedings of the foreign buyer will also not come to the help of the appellant because it has come into being too late before whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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