TaxTMI 
TaxTMI 
2000 (12) TMI 371
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....or the Respondent. [Order per : J.H. Joglekar, Member (T)]. - The facts leading to the present appeal are as follows : - 2. One person by the name Hussain Ahmed was caught carrying contraband gold at the Mumbai Airport on 2-4-1993. He was arrested, was enlarged on bail, jumped bail and disappeared. On 23-7-1993 he was once again arrested smuggling gold at Mumbai Airport. Although he had g....
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....eceived the pay order from Hussain Ahmed and had got it encashed through Mafatlal Mehta on payment of a commission for which he got commission from Hussain Ahmed. He admitted to having earlier organized encashment of a similar order for one K. Isuddin. On the strength of this statement it was alleged that he was liable to penalty. The Collector called him "a rescuer of smugglers in distress inasmu....
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....ting of bills is an accepted business. The banks do it, as also the specialised discount houses. The "shroffs" in the market also do this. Discounting of bills provides immediate and ready finance to the persons in whose name the bills are drawn. This saves them the time and energy to deposit the bills in the banks and to wait for the bank to first encash the bills before making the proceeds avail....