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TMI Blog2024 (9) TMI 939X X X X Extracts X X X X X X X X Extracts X X X X ..... (f)(i) of the Act of 1973. HELD THAT:- Show Cause Notice was given in the year 2002 alleging contravention of the provisions of the Act of 1973. A period of more than 22 years has already passed from the date of Show Cause Notice and otherwise the appellant has deposited Rs.2 lakhs as against the total penalty of Rs.5 lakhs. Taking into consideration the peculiarity of the case and also that total penalty amount is of Rs.5 lakhs for which prayer is made to reduce it to Rs.2 lakhs, we find the prayer to be appropriate for which the counsel for the respondent left it open for the Tribunal to pass an appropriate order. We find it appropriate to reduce the penalty to Rs.2 lakhs out of which Rs.1 lakh each would be for the contravention of Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeds. 3. The allegations against the appellant are for contravention of Section 8(1) and 9(1)(f)(i) of the Foreign Exchange Regulation Act, 1973 (in short `the Act of 1973 ). The allegations were refuted in response to the Show Cause Notice. However, the Adjudicating Authority finding contravention in the hands of the appellant imposed the penalty of Rs.2 lakhs for contravention of Section 8(1) and Rs.3 lakhs for contravention of Section 9(1)(f)(i) of the Act of 1973. 4. The learned counsel submitted that signatures of the appellant on the documents were forged and, in fact, it was at the instance of Paresh Dave. The appellant was shown to be the Proprietor of the firm though the other document would show him to be Partner. It was submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the appellant was established on the face of the record, there would be no reason to cause interference in the impugned order. If the Tribunal finds it appropriate to reduce the penalty to restrict it to the amount already deposited, then it may be as an exception and not to govern other cases. It is looking to the fact that the matter is now old by more than 22 years thus needs to be disposed of appropriately. The prayer was accordingly to pass an appropriate order on the penalty amount. 7. We have considered the rival submissions of the parties and perused the record. 8. It is a case where Show Cause Notice was served on the appellant apart from three firms belonging to Paresh Dave and others for contravention of Section 8(1) and 9(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the counsel for the respondent left it open for the Tribunal to pass an appropriate order. 11. Taking into consideration the overall circumstances of the case, we find it appropriate to reduce the penalty to Rs.2 lakhs out of which Rs.1 lakh each would be for the contravention of Section 8(1) and 9(1)(f)(i) of the Act of 1973. The amount aforesaid has already been deposited to satisfy the condition of pre-deposit thus on reduction of the penalty amount, the appellant would not be required to deposit the amount of Rs.2 lakhs, rather the amount deposited towards the pre-deposit be treated in satisfaction to the reduced penalty amount. Accordingly, we reduce the penalty from Rs.5 lakhs to Rs.2 lakhs. 12. With the aforesaid, the appeal is disp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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