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Showing 21 to 40 of 108 Records

  • 2016 (9) TMI 352

    Proceedings leveled against co-noticee - appellant was resident outside India - Held that - Nothing incriminating from the raid carried out at the residential and business premises of the appellant could be found. There is no documentary evidence in support of the allegations of the respondent. There is no evidence on record to show that the appellant was involved in any act of alleged purchase and sale of foreign currency. For the alleged credit....... + More

  • 2016 (7) TMI 1341

    Contravention of provision of Section 8 of FEMA, 1999 r/w Regulations 9 and 13 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 - failure to prove the service of either SCN or notice for personal hearing or the service of impugned order upon the appellant - Held that - We are of the view that the respondent has failed to prove the service of either SCN or notice for personal hearing or the service of impugned order ....... + More

  • 2016 (5) TMI 1383

    Contravention of Sections 8(3) and 8(4) of FERA, 1973 - direction of furnishing corporate guarantee - interpretation in the review petitioner that the corporate guarantee is a business consideration - Held that - The guarantor is bound to indemnify the authority to whom corporate guarantee is furnished. Relationship of business is not a necessary condition. Generally the corporate guarantee is furnished on the basis of overall performance and goo....... + More

  • 2016 (2) TMI 1107

    Contravention under Section 8 of FEMA, 1999 - liable for the acts or omissions committed by company representative - Held that - Since the appellant Ole Peter Tollefson has not filed any proof that he actually secured loan from bank in Spain therefore in view of the admission of the execution of the disputed invoice by the appellant, no other inference except that it related to export of building material can be inferred. The appellant company wi....... + More

  • 2016 (2) TMI 480

    Levy of penalty for Non realization of export proceeds (foreign exchange) within six months of the date of shipment or within the extended period - Held that - Considering the submission that almost entire sale proceeds have been realized and loss to the exchequer has subsequently been made good therefore, taking a holistic view, we are of the opinion that it will be just and fair in the circumstances that the penalties imposed which are almost h....... + More

  • 2016 (1) TMI 183

    Importers who had acquired foreign exchange from their authorized dealers for the purpose of imports of specified goods but had failed to submit the Exchange Control copy of Bill of Entry in respect of the relevant imports to their authorized dealers - It has been contended on behalf of the appellant that an amount of ₹ 410,550 US was remitted by IDBI by opening L/C (Letter of Credit). The goods were shipped by the foreign seller and arrive....... + More

  • 2015 (12) TMI 1695

    Guilty of contraventions of Section 8(3) and 8(4) of FERA, 1973 r/w Section 49(3) and 49(4) of FEMA, 1999 - Penalty imposed - whether there has been no lapse/FERA violations on the part of the company and the transactions were wrongly reported in BFE due to oversight of the bankers of the company? - Enforcement Directorate creation - Held that - We see no reason to remand the matter back to Adjudicating Authority at this stage when parties have b....... + More

  • 2015 (10) TMI 2684

    Contravention of Sections 7 and 8 of FEMA, 1999 read with Regulations 3, 8, 9 and 13 of Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 involving export value of US 8,67,275.20 - unrealised GRI forms the authorized dealer had not contacted the Enforcement Directorate - Held that - Since a period of almost 15 years has passed since the transactions took place and the RBI permitted authorized dealer to allow write off i....... + More

  • 2015 (8) TMI 1381

    Contravention of Sections 18(2) and 18(3) of FERA, 1973 r/w notifications of Central Government dated 1-1-1974 - Held that - Adjudicating Authority was at liberty to appreciate the evidence on record in accordance with law according to its wisdom independently. However, as a principle of law it cannot be said that judgments in all criminal appeals will ipso facto result in quashing the adjudication proceedings under FERA alike disciplinary procee....... + More

  • 2015 (4) TMI 1217

    Applications for additional evidences - denial of natural justice - offence under SAFEMA - Held that - After careful perusal of all the submissions and documents we are satisfied that the Competent Authority decided the case without giving a reasonable opportunity to the appellants to produce all the evidence before him. We are also guided by the fact that upon verification and examination, the submissions about the legal acquisition of the forfe....... + More

  • 2015 (3) TMI 1165

    Application for amendment in the memo of appeal - Held that - The amendment application appears to have been made bonafidely and through it the appellant wants to bring on record the subsequent developments. Through the proposed amendment, no new cause has been set up by the appellant and is in continuation of the facts which were placed earlier. The subsequent developments are being placed before the Tribunal, so that they may be duly considered....... + More

  • 2015 (2) TMI 460

    Imposition of penalty jointly and severally - failure to take reasonable steps for repatriation of export proceeds of US 23580.02 in respect of goods exported under 3 GRIs - Held that - While going through the order of penalty, I have noted that there is hardly any discussion on the role of the partners that led to non-realisation of the export proceeds of the 3 GRs and the ld. adjudicating officer has not arrived at any finding to show that the ....... + More

  • 2015 (2) TMI 415

    Contravention of the provisions of Section 9(1)(b), 9(1)(d) and Section 64(2) r/w Section 9(1)(d) of Foreign Exchange Regulation Act, 1973 - Imposition of personal penalty - violation under Section 51 of FERA, 1973 - whether the adjudicating authority has given the appellant an opportunity of cross-examining the mahazar witnesses and the person who recorded the voluntary statement of the appellant - Held that - Sh. Kiran S. Javali, Counsel for th....... + More

  • 2014 (12) TMI 1225

    Waiver of penalty - Held that - The fact that the company has almost closed business and is incurring losses continuously has not been disputed by the respondent. Prima facie the audit reports are in conformity with the arguments advanced that the company is incurring financial losses regularly. Considering the facts and circumstances as discussed above and in view of the case laws Special Director of Enforcement v. Anil Aggarwal and Anr. 2009 (3....... + More

  • 2014 (12) TMI 1190

    Waiver of pre-deposit - Proceedings under FEMA - Difference of opinion between the members of the tribunal - Scope of the reference made in case of difference of opinion of two Hon ble members under Section 31 of FEMA, 1999 - Held that - It is not open for the Chairperson/third member to re-write the judgment/order, according to his understanding. He can not disagree with the findings of both the Hon ble Members but has to agree with one of the f....... + More

  • 2014 (10) TMI 885

    Condonation of delay - Held that - From the perusal of the Impugned Orders that proceedings were held ex parte. The show cause notices were served by affixation. The cause for delay in instituting the appeal after a gap of more than seven years appears to us to be sufficient and convincing. There is no proof on record that the show cause notices or the Adjudication Orders were duly served upon the applicants/appellants. The delay condonation appl....... + More

  • 2014 (8) TMI 1017

    Condonation of delay in filing the appeal - delay of 8 years after ex-parte order - Section 52 of Foreign Exchange Regulation Act, 1973 read with Section 19 of the Foreign Exchange Management Act, 1999 - Held that - proceedings were held ex parte. The show cause notice was served by affixation. There appears to be discrepancies in the amount as shown in the original invoice which is ₹ 4,20,750/- and the amount shown in entry No.4 of annexur....... + More

  • 2014 (3) TMI 1118

    Directions to summon the documents mentioned in the application and to give liberty to the appellant to file a detailed reply after the due examination of the said documents - Held that - In the circumstances, it is not appropriate for the Appellant to contend that he is not entitled to file the reply to the notice issued by respondent under section 8(1) of PMLA till he gets the copies of documents. Appellant could not be permitted to delay the p....... + More

  • 2012 (4) TMI 561

    ... ...
    ... ... to review its own order, which has been passed on merits. As a result, the petition is not maintainable neither in facts or in law. In the above circumstances, the prayer for review the order, dated 21-2-2011 is rejected by dismissing the petition.

  • 2012 (2) TMI 471

    ... ...
    ... ... ctive penalty amount within seven days from the date of receipt of this order. In case of failure of appellants in making the payment as aforesaid, the Enforcement Directorate will be entitled to realise the amount of penalty in accordance with law.

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