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TMI Blog2016 (6) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... eposit of the penalty fully. The learned Tribunal restricted the dispensation to 85%, in other words, the right to prefer an appeal was granted subject to deposit of 15% of the amount of penalty. Challenging the aforesaid order passed under section 52(2) of the Foreign Exchange Regulation Act, 1973, the writ petition was filed. The admitted facts are as follows:- On 27th October, 1991 and 28th November, 1991, search took place at the premises of one Sri Majid Godil & Ors. in execution of search warrant issued under section 37 of the Foreign Exchange Regulation Act, 1973. During search, several documents were seized. A sum of Rs. 2 lakhs were also seized. Confessional statements of the appellant Sri Ashok Kumar Doshi were recorded on 24th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd his principal recorded in the year 1992, full particulars whereof have already been indicated hereinabove. Point of substance urged by Mr.Poddar is that the Tribunal failed to take cognizance of the fact that there is not one sentence in the adjudicating order justifying any explanation offered on behalf of the prosecution for the delay in issuing the show cause notice. There is in fact, according to him, no explanation offered for the delay of nine years. He submitted that the delay of more than nine years amounts to an act of acquiescence on the part of the authorities and this stale issue could not have been permitted to be raked up. He added that the learned Tribunal has noticed that the appellant is now 75 years old. The appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... self. Reference in this regard may be made to the judgment of the Apex Court in the case of Parashuram Pottery Works Co. Ltd. Vs. Income-tax Officer, Circle I, Ward A, Rajkot reported in 1977 (106) ITR 1 wherein the following views were expressed. "At the same time, we have to bear in mind that the policy of law is that there must be a point of finality in all legal proceedings, that stale issues should not be reactivated beyond a particular stage and that lapse of time must induce repose in and set at rest judicial and quasi-judicial controversies as it must in other spheres of human activity." The judgment cited by Mr.Tiwari is of no application to the facts and circumstances of the case. Their Lordships were considering a case under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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