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TMI Blog2024 (10) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... ents of Rs. 7,46,69,500/- between June 2000 to April 2001 from various persons as per the instruction of one Abdulla of Abu Dhabi, a person residing outside India. The receipt of the payment was without general or special permission of RBI therefore the appellant contravened Section 3(c) of FEMA and thereby made liable for the penalty of Rs. 7,00,000/- by the Adjudicating Authority. On appeal before the Special director (appeals), the penalty was reduced from Rs. 7,00,000/- to Rs. 5,00,000/-. Dissatisfied with the order of Special Director (Appeals), this appeal has been filed. 3. The counsel for the appellant submitted that there was no evidence available with the respondents to prove receipt of Rs. 7,46,69,500/- at the instance of person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 1,00,000/- has been deposited to satisfy the condition of pre deposit and accordingly with confiscation of Rs. 4,00,000/- and deposit of Rs. 1,00,000/- to satisfy the condition of pre deposit, the appellant said to have satisfied the penalty of Rs. 5,00,000/-imposed by the Special Director (Appeals). The sum of Rs. 50, 000/- still remains with the ED, liable to be returned with interest. 7. The appeal has been seriously contested by the respondent. The Ld. Counsel has supported the order passed by the Adjudicating Authority and the Special Director (Appeals). 8. Elaborate arguments on the issue has been made with a prayer to dismiss the appeal because impugned order is not merely in reference to the statement of appellants and others ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere searched on 02.04.2021 where 22 sheets along with Indian currency of Rs. 4, 50,000/-was seized. 11. The appellant in his statement submitted that he was doing gold business. It was admitted that he received payment under the instruction of Abdulla of Abu Dhabi. It was also that he made the payments of Rs. 1,50,000/- under the instructions of Abdulla to Arjun Singh, Shri Srinivas Rs. 4,00,000/-, Shri Subhaskar Reddy Rs. 9,52,500/-, Shri N.K. Rs. 27,00,000/-and Shri M.A. Rs. 28,59,500/- totaling Rs. 74,69,500/-. The appellant retracted his statement but his mobile no. 9844017846 proved that he was frequently calling Abdulla. 12. The statement of one Naveen was also recorded on 02.02.2001 to confirm that the appellant was involved in gol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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