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2009 (7) TMI 766 - HC - Companies LawPenalty of ₹ 5.00 lakh imposed for the contravention of provisions of section 8(1) read with section 64(2) of the Foreign Exchange Regulation Act, 1973 Held that:- In the present case, the affidavit and the currency declaration by Dr. N.S. Anand cannot be rejected as has been done by the respondent. If that be so it will be difficult to hold that the petitioner had acquired the foreign exchange in contravention of section 8(1) of Foreign Exchange Regulation Act. Even giving the widest connotation to the term acquisition, it would not include act of the petitioner in the present facts and circumstances and therefore he is entitled to be acquitted of the charge insofar as it relates to the acquisition of foreign currencies recovered from him. The findings of the respondent are based on its own presumptions and assumptions and cannot be termed to be based on legal principles and therefore the Court would be justified in inferring with such perverse findings. The findings have been arrived at without any basis which has been successfully rebutted by the petitioner and in the circumstances it has to be held that adjudication order is not sustainable nor is the order dated 30-9-2005 of the Appellate Board sustaining the same. Consequently the appeal of the appellant is allowed and the order of penalty amount awarded against the petitioner is also quashed. Consequently the petitioner shall be entitled for the refund of foreign currencies and Indian currency seized from him and refund of any amount deposited as penalty.
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