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2017 (10) TMI 352

Head Note:
Partially dispensing with deposit of the penalty amount - order passed exercising the power under second proviso to Section 19(1) of the Foreign Exchange Management Act, 1999 - Held that:- It is relevant to state that an appeal would lie to the High Court under Section 35 of the Act on any question of law arising out of the order passed by the Appellate Tribunal. On the facts of the case, it canít be said that the discretion exercised by the Appellate Tribunal in directing to deposit only 10% of the penalty and furnishing security (otherwise than bank guarantee) for 40% of the penalty is unreasonable or arbitrary to warrant interference. In our opinion, no question of law arises for consideration in this appeal. The appeal is devoid of merit and it is accordingly dismissed.

 


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