2010 (9) TMI 1283

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..... llant and learned counsel for the respondents. 2. This appeal is directed against the order dated 10th July, 1987 passed by the Foreign Exchange Regulatory Board confirming the order dated 5th December, 1984 passed by the Assistant Director of Enforcement, Mumbai under the Foreign Exchange Regulation Act, 1973 ( FERA Act for short), whereby and whereunder the penalty of Rs.50,000/has been i .....

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..... other had come to India. At the relevant time brother and sister of the appellant had also come to India and, according to the statement, this amount was gifted to the mother by her son and daughter. Mother is a resident of U.S.A. The brother and sister of the appellant are also residents of U.S.A. 4. Having gone through the statement of the appellant recorded at the time of seizure and prep .....

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..... acquired, mere possession thereof cannot be treated as acquisition. In view of the law laid down by the Apex Court holding the field and in absence of any other adverse material on record, both the impugned orders are unsustainable since they suffer from perverse appreciation of evidence. As such, both the impugned order are liable to be quashed and set aside and appeal is liable to be allowed. O .....

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