9911796707
TMI Blog2007 (9) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... change Regulation Act, 1973 ( FERA for short) whether the Tribunal was justified in setting aside the penalty levied by the Adjudication Officer ? 2. In this case the premises of the respondent who is the proprietor of M/s. Arabian Maritime Agency was searched on 20-2-1981 wherein incriminating documents were seized. In his statement the respondent had explained the various entries made on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss and copper scrap and in such business the method of accounting followed by the respondent is the normal method of accounting and the said accounts are regularly offered for inspection to the RBI. Relying upon a decision of the Madras High Court in the case of New India Meritime Agencies (P.) Ltd. v. Director [1987] 2 ECC 128, the Tribunal held that the method followed by the respondent is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entries it cannot be inferred that the respondent had advanced amounts to foreigners in contravention of FERA. 7. Nothing is brought to our notice that the system of accounting followed by the respondent is not the universally accepted system in such business and it is not disputed that such system of accounting is regularly inspected by RBI. Moreover, apart from the entries in the seized doc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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