Enforceability of tribunal relief after limitation-barred appeal led to refund of retained amounts, interest and costs.

Once the Revenue's appeal was dismissed because delay beyond 60 days under Section 35 of the Foreign Exchange Management Act, 1999 could not be condoned under Section 5 of the Limitation Act, 1963, the tribunal's partial relief became enforceable. The retained proceeds of the Indira Vikas Patra, Indian currency and the balance penalty deposit were therefore refundable to the petitioner. Interest was also stated to be payable under Section 42(3) of the Foreign Exchange Regulation Act, 1973, together with costs.

---

---

Issues: Whether the respondents were bound to implement the appellate tribunal's order and refund the amounts and securities retained pursuant to the earlier proceedings, together with applicable interest and costs.

Analysis: The earlier appeal filed by the Revenue against the tribunal's order had been dismissed after the Special Bench held that delay beyond 60 days in filing an appeal under Section 35 of the Foreign Exchange Management Act, 1999 could not be condoned under Section 5 of the Limitation Act, 1963. Once that appeal stood dismissed, the tribunal's order allowing the petitioner's appeal in part became enforceable. The retained proceeds of the Indira Vikas Patra, the Indian currency and the balance penalty deposited by the petitioner were therefore liable to be refunded. Interest was also directed to be paid in accordance with Section 42(3) of the Foreign Exchange Regulation Act, 1973.

Conclusion: The respondents were directed to refund the seized amounts and the proceeds of the Indira Vikas Patra with interest and to pay costs, in favour of the petitioner.

---