Home Case Index All Cases Money Laundering Money Laundering + AT Money Laundering - 2017 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (10) TMI 146 - AT - Money LaunderingContravention of provisions of Section 8(3) & 8(4), 73 read with Section 68 of the Foreign Exchange Regulation Act, 1973 - Held that:- When the matter is taken up today for hearing, the stand of the respondent remains the same that the record is not traceable and counsel requested for an adjournment. The request is opposed by the counsel for the appellant in view of the directions passed by the High Court. He has suggested that without prejudice the impugned order be quashed and the part penalty amount deposited by the appellant be kept by the respondent and appeal be disposed of accordingly. There is a force in the submission of the learned counsel for the appellant. The show cause notice was already issued in 1999. More than 18 years have been passed. Proof of service has not been produced. Even the despite of direction issued by the High Court, the matter is not being heard for the last two years. In the present case admitted by the respondent the record is not traceable, the appeal is accordingly allowed, however as agreed by the appellant that without prejudice, the 10% penalty amount deposit by the appellant be kept by the respondent and the appellant shall not claim the refund of the said amount. The impugned order is set-aside.
|