Home Case Index All Cases FEMA FEMA + HC FEMA - 2016 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 3 - CALCUTTA HIGH COURTRefusal to dispense with the amount of deposit of the penalty fully by Foreign Exchange Appellate Tribunal - Held that:- The learned Tribunal omitted to notice that there was unexplained delay of nine years in issuing the show cause notice. The learned Tribunal also ignored the fact that the appellant was a mere agent of the principal, Sri S.Jegathesan. Considering the facts and circumstances of the case, we are of the opinion that the Tribunal should have dispensed with the deposit fully. In that view of the matter, the appeal is allowed. The appellant shall be entitled to press the appeal without having to deposit any amount by way of pre-deposit under section 54 of 1973 Act. It is clarified that the views expressed herein are for the purpose of disposal of this appeal and shall not preclude the Tribunal from arriving at its own conclusion on merits in accordance with law.
|