9911796707
TMI Blog2008 (9) TMI 1046X X X X Extracts X X X X X X X X Extracts X X X X ..... in contravention of section 8(3) r/w section 8(4) and r/w section 68 of FER Act, 1973. 3. This is appeal of 1999. The appellants have not taken any step to prosecute these appeals. However a letter has been received from Shri Harish Mehta, advocate for the appellants requesting this tribunal to dispose of these appeals on merits on the ground and reasons stated in the memo of appeals. As per the provisions of section 19(5) of FEMA 1999 an appeal is required to be disposed of within 180 days. Keeping in view the above provision as well the request of Shri Harish Mehta Ld. advocate for the appellants these appeals are taken up for find disposal on merit after granting full dispensation. 4. Heard Shri AC. Singh, DLA and peruse the appeal memo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 8(3) and 8(4) of FER Act, 1973 which runs as under : 8. Restriction on dealing in foreign exchange - (1) Except with the previous general or special permission of RBI (2) ... (3) .... Where any foreign exchange is acquired by any person, other than an authorized dealer or a money-changer, for any particular purpose, or where any person has been permitted conditionally to acquire foreign exchange, the said person shall not use the foreign exchange so acquired otherwise than for that purpose or, as the case may be, fail to comply with any condition to which the permission granted to him is subject, and where any foreign exchange so acquired cannot be so used or the conditions cannot be complied with the said person shall, within a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose. In the instant case the appellant has not brought on record any material showing discharge of above obligation and statutory burden. In the instant appeals it is indisputable that appellants have not furnished any evidentiary proof of utilization of foreign exchange remitted abroad. Thus they have failed to displace the rebutable adverse statutory presumption u/s 8(4) of the Act. In such a situation the impugned order cannot be faulted with. Rather it is to be maintained and sustained. 8. For the reasons stated herein above these appeals are dismissed for having no merits. However, appellants are permitted to deposit the respective penalty amounts within 7 days from the date of receipt of this order failing which Enforcement Director ..... X X X X Extracts X X X X X X X X Extracts X X X X
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