9911796707
TMI Blog1992 (10) TMI 281X X X X Extracts X X X X X X X X Extracts X X X X ..... -1987 was issued to the appellant Ciba Industrial Corpn. and its proprietor Mrs. Swarn Aggarwal, alleging that during the year 1977 Ciba Industrial Corporation exported ready-made garments to U.S.A. of the value of Rs. 21,486-99 under GRI Forms DEL.B. 362986 and 362987, both dated 9-11-1977 and that the said firm failed to take action or refrained from taking any action to secure the realisation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the export documents is the Central Bank of India, Parliament Street, New Delhi. The payment of the aforesaid GRI Forms, if at all received directly by the party, should have been deposited with the Central Bank of India, Parliament Street, New Delhi against the outstanding GRI Forms Del. B.362987 and 362986 both dated 7-11-1977 which has not been done by the party in accordance with the normal c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , counsel for the appellant submitted that having regard to the fact that the export proceeds have been realised, even though not as per the mode of realisation prescribed under law, the imposition of penalty of Rs. 20,000 is on very high side and that, therefore, a lenient view be taken in the matter. On the other hand, the counsel appearing for the respondent submitted that the export proceeds a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rteen and paise thirty-four only). 5. As it would appear from the above, the Central Bank has not stated that the amount covered by the above Pay Orders was in respect of the export proceeds covered by the GRI Forms in issue. Therefore, the conclusions arrived at by the Assessing Officer appear to be in order. 6. Even if it is accepted for the sake of argument that the appellant had received the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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