2012 (12) TMI 557

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..... bunal on the part of the appellant appears to have been financial hardship and for that purpose had filed an affidavit contending that he is in no position to deposit the penalty amount and in support thereof contends that he is even not an Income Tax assesee. This is difficult to accept in the light of the appellant's contention that he was an independent person and was carrying on import busines .....

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..... ibunal was justified in directing the appellant to deposit 50% of the penalty Rs. 35 lacs imposed by the Adjudicating Authority for the purposes of hearing the appellant's appeal under the Foreign Exchange Regulation 1973 ('FERA 1973') on merits? 2. In this case the appellant has been imposed penalty of Rs. 35 lacs on the ground that he was employee of one Ramesh Kumar Verma and at the instance .....

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..... rely an employee of one Ramesh Kumar Verma and was acting on his instructions. 3. The appellant contends before us that he has carried on the business of import of diamonds independently and not at the instance of Ramesh Kumar Verma. However, at the hearing before the Tribunal the Advocate for the appellant pleaded that he was merely an employee of one Ramesh Kumar Verma (appellant in Appeal No. .....

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..... appear that he had abetted and aided Ramesh Kumar Verma in remitting foreign exchange of US$ 29,91,100/- and the same was not challenged during the oral submissions made before the Tribunal. The emphasis before the Tribunal on the part of the appellant appears to have been financial hardship and for that purpose had filed an affidavit contending that he is in no position to deposit the penalty amo .....

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..... 50% of the penalty amount i.e. Rs.17.50lacs out of Rs.35lacs imposed upon him is reasonable. However we extend the time to deposit Rs.17.50lacs being the penalty amount necessary for the final hearing of the appellant's appeal by another 8-weeks from today. We further direct that on appellant depositing the aforesaid amount within the aforesaid time the Tribunal will dispose of the appellant's ap .....

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