Relief to EMBIO Ltd: Supreme Court rules S. 11(2) of FT Act Does Not Authorise Penalty Imposition for Export Obligation Breach under Licence [Read Judgement]

Section 11(1) applies when any import or export is made in contravention of any provision of the FT Act, Rules, and orders made thereunder or the foreign trade policy.
EMBIO Ltd - Supreme Court rules S 11 (2)of FT Act - Penalty Imposition - Export Obligation - Licence - TAXSCAN

The Supreme Court, while granting relief to EMBIO Ltd ruled that penalty cannot be imposed under Section 11(2) of the Foreign Trade (Development and Regulation) Act, 1992 for not fulfilling the export obligation. The Section applies only when there is an allegation of making an export or import in contravention of the export and import…

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