M/S.TAARIKA EXPORTS vs UNION OF INDIA

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 by the appellants. The Court found that the authorities had correctly noted the infractions and that the penalty was within permissible limits as per Section 20(2) of the Foreign Trade (Development & Regulation) Act, 1992. The appeal against the dismissal of the Letters Patent Appeal by the Delhi High Court was therefore dismissed, affirming the lower courts' decisions.