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2010 (10) TMI 459 - HC - FEMAConfiscation of the foreign currency - Legal import - Jatin Jhaveri has produced before the Commissioner copies of the two currency declaration forms one dated 25-6-1994 for US $ 2,54,000/- and other dated 28-6-93 for US $ 35,250/ - The Commissioner in his order does not deny that these two forms had been issued. On the contrary, he refers to these documents produced before him at the hearing and mentions what seems to be changes in the dated from 26-6-93 to 25-6-93 and some discrepancy in the passport number - He emphasizes the suspicions behaviour of Jatin Jhaveri and his flight from the investigation, his disowning the currency in his statement of 12-10-1993 and the fact that the currency in any case is liable to confiscation for being attempted to be exported in contravention of the provisions of the Foreign Exchange Regulation Act -Held that:the submission of the learned Counsel for the Respondents that in the light of the two authorities under the Customs Act and Income Tax Act, having found the amount of 2,89,250 US $ to be legally brought into India and in the instant proceedings also the Tribunal having concurred with the view of the CEGAT, this Court should not interfere in the above Appeals - Decided in favour of assessee. Appeals - The objection of the Respondents to the maintainability of the Appeals would have to be sustained on the application of Mohte Sham’s Case and resultantly, the Appeals would have to be dismissed on the ground that the Director of Enforcement who was the adjudicating authority had no authority to file the Appeals - The Appeals, therefore, to stand dismissed on the said ground also. Relief - Interest - The principal relief sought is that of the release of the currency amount of US $ 2,89,250 along with interest thereon @ 18% from date of seizure until release thereof to the Petitioner - However, the Petitioner would have to deal with the said amount in terms of the order of the CEGAT as also the Order impugned in the above Appeals i.e. re-export the said amount with the permission of the RBI - Since, the Respondents have retained the amount on account of the pending proceedings, we are of the view that the Petitioner i.e. Jatin Jhaveri in Appeal No. 64 of 2006 would not be entitled to any interest - Thus , the Petitioner would not be entitled to interest on the said amount of 2,89,250 US $.
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