2025 (3) TMI 1141

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..... Malhotra, Advs For the Respondent : Shri Sunder Kumar, Shri Varun Mishra, Shri Divanshu, Advs ORDER FPA-FE-177/MUM/2009 By this appeal, a challenge has been made to the order dated 12.05.2009 passed by the Special Director of Enforcement. The penalty of Rs.4,00,000/- has been imposed on the appellant for contravention of Section 3(b) and Rs.6,00,000/- for contravention of Section 3(d) of the .....

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..... the DEPB amount for clearance of substituted material to Shri Nikunj Kanakia and alleged to have given 15% of DEPB to the appellant. It would not make out a case for contravention of Section 3(b) and (d) of the Act of 1999. 3. The appeal was contested by the respondent. It is submitted that the appellant was involved and played vital role in preparing the forged documents submitted in the bank. .....

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..... tions and was having a track record of contravention of the Act of 1999. Therefore, the penalty was rightly imposed against the appellant and thereby interference in the impugned order may not be made. 5. We have considered the rival submissions of the parties and perused the record. 6. The allegation against the appellant is for contravention of Section 3(b) and 3(d) of the Act of 1999 thus it .....

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..... or negotiating any bill of exchange or promissory note, or transferring any security or acknowledging any debt". 7. Section 3(b) provides that if one makes any payment to or for the credit of any person resident outside India in any manner without compliances as given under the Act, Rules and Regulation, a case would be made out. In the similar manner Section 3(d) makes out a case if one enters .....

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..... pellant made contravention to Section 3(b) and 3(d) of the Act of 1999. The penalty of Rs.4,00,000/- and Rs.6,00,000/- has been imposed on the appellant but finding no material to prove contravention of Section 3(b) and 3(d) of the Act of 1999 by the appellant, we cause interference in the impugned order and is set aside qua the appellant. Appeal is allowed with aforesaid.
Case laws, Decisions .....

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