2017 (10) TMI 762

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..... t appellant being C.A. issued solvency certificate without verifying the books of account of the firm M/s. Spectrum Fabrics Textiles, which facilitated the said firm to obtain advance licence. The goods imported and cleared under the said advance licence was diverted into domestic market in violation to advance licence scheme and actual user condition. The appellant was imposed penalty of Rs. 50 l .....

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..... rly in the case of appellant clearly in violation of principle of natural justice, therefore the same is liable to be set aside only on the ground of natural justice. He further submits that appellant has issued solvency certificate in good faith and he was neither aware nor involved in the fraud of misuse of advance licence by M/s. Spectrum Fabrics Textiles, therefore the appellant cannot be char .....

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..... submission made by the appellant it was found that appellant have answered the show cause notice vide their letter dated 24-10-2004 which was sent by registered post. The appellant have attended personal hearing 24-1-2004 and 11-2-2005 where the appellant requested for cross examination Shri. Yogesh Chalthanwala and Shri. Jatin Pancholi vide their consultant letter dated 11-2-2005 however cross ex .....

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