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Issues:
1. Imposition of penalty for contravention of Foreign Exchange Regulation Act, 1973. 2. Failure to submit required evidence for import of goods against foreign exchange remittances. 3. Appeal against Adjudication Order. 4. Argument regarding fulfillment of obligations under Section 8(3) and 8(4) of the Act. 5. Discrepancy in reference numbers in certificates submitted by the appellant. 6. Decision to set aside the impugned order and remand the matter for fresh adjudication. Analysis: The judgment delivered by Km. Vijay Laxmi, Member, Appellate Tribunal for Foreign Exchange, pertains to appeals filed against an Adjudication Order imposing a penalty of Rs. 40,00,000 on the appellant for contravention of the Foreign Exchange Regulation Act, 1973. The penalty was imposed for not submitting required evidence for import of goods against two foreign exchange remittances. The Tribunal had earlier granted full dispensation in favor of the appellant, and the appeals were taken up for final disposal on merits. During the hearing, arguments were presented by the appellant's advocate and the respondent's representative. It was noted that two remittances of foreign exchange were made by the appellant without submitting necessary documentary evidence to the authorized dealer. The appellant argued that they had fulfilled their obligations under Section 8(3) and 8(4) of the Act by submitting the required documents, including the exchange copy of the bill of entry. However, a discrepancy was found in the reference numbers mentioned in the certificates submitted by the appellant. While one certificate matched the details in the Show Cause Notice, another had a reference number that did not align. The Tribunal concluded that the certificates should be considered by the Adjudicating Officer for effective disposal of the matter concerning the actual import of goods. Therefore, the impugned order was set aside, and the matter was remanded back to the Adjudicating Officer for fresh adjudication in accordance with the law. In the final decision, the impugned order was quashed, and the matter was remanded for fresh adjudication. The Adjudicating Officer was directed to complete the proceedings within six months from the first appearance of the appellants before him. A specific date for appearance before the Adjudicating Officer was set, allowing for further proceedings or the granting of a fresh hearing date at the officer's discretion.
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