1997 (12) TMI 677

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..... l together with application for dispensing with the pre-deposit of the amount of penalty has been filed against the Adjudication Order No. ADJ/ 102/ B/ SDE/ PKA of 1997, dated 26-6-1997 under which a penalty of Rs. 8 lakhs has been imposed on the first appellant for contravention of section 18(2) of the Foreign Exchange Regulation Act, 1973. A further penalty of Rs. 1.50 lakhs has been imposed on .....

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..... of exports, a total amount of US $56,777.89 was available to surplus to be adjusted against the outstanding amounts. He further submitted that as can be seen from the appellant s application dated 25-6-1995, the appellant with the permission of the RBI had adjusted the said amount of US $56,777.89 and applied for write off of the remaining amount of US $55,822.19. The RBI vide their letter dated 3 .....

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..... quent to the exports in question can be treated as advance for the GRIs in question. However, as now explained by the learned counsel for the appellant, the position is clear. Shri Patel submitted that all these documents had already been submitted during the adjudication proceedings but apparently the same were not placed on record. 5. In our opinion, in view of the fact that the amount of US $56 .....

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