9911796707
TMI Blog2005 (11) TMI 540X X X X Extracts X X X X X X X X Extracts X X X X ..... fter referred to as the Act) reduced the penalty imposed by the adjudicating authority on the appellant firm in appeal No. 725/2000 from Rs. 3,25,000 to Rs. 1,00,000 and penalty imposed by the adjudicating authority on its each partner i.e., appellants in appeal Nos. 723/2005 and 726/2000 was reduced from Rs. 1,00,000 to Rs. 30,000. 2. Shri S. Seetharaman, advocate for the appellants appears and submits that goods were imported in time and alternative documents have already been filed which would be evident from para 8 of the impugned order passed by the Appellate Authority. In the above situation the condition of pre-deposit of penalty is waived and the matters are taken up for disposal on merits. 3. The original proceedings before the adj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed the other evidences before the Adjudicating Authority as well as the authorised dealer after initiation of the adjudication proceedings. 4. Shri Seetharaman, advocate for the appellants contents that appellants have imported the goods for which the remittance was made and submitted the alternative proof of import of the goods. Shri Seetharaman submits that the impugned order is not sustainable on facts or in laws. 5. Per contra Shri T.K. Gadoo, DLA contents that filing of bill of entry and exchange control copy within the prescribed period of three months is requirement under the provisions of the Act read with the RBI circulars stated above and the appellants cannot be absolved of their liability. 6. I have carefully considered the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authorised person under sub-section (5) does not use it for such purpose or does not surrender it to authorised person within the specified period or uses the foreign exchange so acquired or purchased for any other purpose for which purchase or acquisition of foreign exchange is not permissible under the provisions of the Act or the rules or regulations or direction or order made thereunder shall be deemed to have committed contravention of the provisions of the Act for the purpose of this section. 7. Paras A.3 and A.17 of the RBI circular dated 24-8-2000 are reproduced below: A.3 (i) In terms of section 10(6) of the Foreign Exchange Management Act, 1999 (FEMA) any person acquiring foreign exchange is permitted to use it either for the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or warehousing, or (c) Customs assessment Certificate or Postal Appraisal Form as declared by the importer to the custom authorities, where import has been made by pose, as an evidence that the goods for which the payment was made have actually been imported into India. 8. The above provisions contemplate that any person who has acquired foreign exchange for a particular purpose does not use it for such purpose or does not surrender it to authorised person within the specified period or use the foreign exchange, so acquired for purchase, for any other purposes for which purchase or acquisition of foreign exchange is not permissible under the provisions of the Act or rules or regulations shall be deemed to have committed contravention of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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