2009 (4) TMI 687

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..... spondent. [Order per : Jyoti Balasundaram, Vice-President]. - The application for stay of operation of the order of the Commissioner who has arrived a particular quantum of fine in lieu of confiscation of Indian Currency of Rs. 50,00,000/- and penalty (Revenue seeks enhancement of fine and penalty) is rejected as the Commissioner prima facie has given reasons for arriving at the quantum of both .....

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..... respondents in the cross-objection for reduction of the quantum of both fine and penalty finds favour with us, as it was only a procedural lapse on the part of the respondent not to have obtained a valid Reserve Bank of India permit to take Indian Currency outside India. Therefore, while upholding the confiscation, we reduce the fine to Rs. Five lakhs and penalty to Rs. 1.50 lakhs as we do not acc .....

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