M/S Taarika Exports And Anr vs Union Of India And Anr

The Supreme Court upheld the penalty imposed under Section 4-I(1) of the Imports and Exports (Control) Act, 1947 for non-fulfillment of export obligations, affirming the findings of the Additional Director General of Foreign Trade and the Appellate Committee. The Court ruled that the appellants' claim of technical non-compliance due to unrealistic conditions was insufficient to negate the penalty. The dismissal of the Letters Patent Appeal by the Delhi High Court was thus confirmed, maintaining the imposition of a Rs. 45 lakh penalty for the shortfall in export obligations.