9911796707
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Issues:
1. Appeal against penalty imposed for contravention of Foreign Exchange Regulation Act, 1973. 2. Financial position of the appellant and waiver of pre-deposit. 3. Finding of contravention of section 9(1)(d) based on seized documents and statements. 4. Cross-examination of co-accused and retraction of statements. 5. Contravention of section 9(1)(b) and 9(1)(d) based on confirmatory statements. 6. Confiscation of amount and nexus with contravention of section 9(1)(b). 7. Upholding contravention findings but setting aside confiscation order. 8. Quantum of penalty based on financial capacity and reduction of penalty amount. 9. Partial allowance of appeal, reduction of penalty, and payment directions. Analysis: 1. The appeal was filed against a penalty imposed for contravention of the Foreign Exchange Regulation Act, 1973. The appellant sought dispensation from pre-deposit due to financial constraints, which was considered based on his financial position. The Tribunal decided to waive the pre-deposit requirement and proceed with the hearing on merits. 2. The finding of contravention of section 9(1)(d) was based on seized documents and statements. The appellant's contention regarding the retraction of statements by co-accused and the denial of cross-examination was addressed. The Tribunal upheld the Adjudicating Officer's reliance on the statements for establishing contravention. 3. The charge of contravention of section 9(1)(b) was sustained based on confirmatory statements from recipients of payments. The Tribunal analyzed the evidence and upheld the finding, considering the appellant's admission of receiving amounts for onward distribution. 4. Regarding the confiscation of the amount, the Tribunal examined the nexus with contravention and the evidence provided. The Tribunal found insufficient evidence to establish a direct link between the confiscated amount and the contravention, leading to the setting aside of the confiscation order. 5. The Tribunal considered the quantum of penalty based on the appellant's financial capacity and the nature of the violations. It reduced the penalty amount, taking into account the appellant's circumstances and the gravity of the charges. 6. In the final decision, the Tribunal partly allowed the appeal, upholding the contravention findings but reducing the penalty amount. The confiscation order was set aside, with directions for the appellant to pay the revised penalty amount within a specified timeframe. This detailed analysis covers the issues raised in the appeal and the Tribunal's comprehensive assessment of the contraventions and penalties imposed under the Foreign Exchange Regulation Act, 1973.
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