2009 (12) TMI 1004

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..... rned counsel for the appellant were noticed and learned counsel representing the respondent had sought time to go through the order passed by the CESTAT, which was upheld by this Court :- Learned counsel for the appellant submits that the penalty under Foreign Exchange Regulation Act, 1973 was levied against the appellant for alleged violation of the terms on which the appellant had got foreig .....

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..... upheld by this Court it cannot possibly be said that there is violation of Foreign Exchange Regulation Act and accordingly the levy of the penalty on the appellant is totally unjustified. 2. As is evident from the facts noticed above, the penalty on the appellant was levied with the allegations that he had not used the foreign exchange for the purpose it was released to him whereas in the orde .....

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