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2012 (12) TMI 557 - HC - FEMAWhether the Tribunal was justified in directing the appellant to deposit 50% of the penalty Rs. 35 lacs imposed by the Adjudicating Authority for the purposes of hearing the appellant's appeal under the Foreign Exchange Regulation 1973 ('FERA 1973') on merits? - held that:- The emphasis before the Tribunal on the part of the appellant appears to have been financial hardship and for that purpose had filed an affidavit contending that he is in no position to deposit the penalty amount and in support thereof contends that he is even not an Income Tax assesee. This is difficult to accept in the light of the appellant's contention that he was an independent person and was carrying on import business on his own and in that regard had remitted and amount of US$ 29,91,100/- during the period January to April 1991 on his own. The order of the Tribunal dated 25/1/2008 directing the appellant to deposit 50% of the penalty amount i.e. Rs.17.50lacs out of Rs.35lacs imposed upon him is reasonable.
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