2012 (12) TMI 557

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....S. Sanklecha, J. - This appeal against the order of the Appellate Tribunal for Foreign Exchange ('Tribunal') raises a question identical to one raised in the accompanying Appeal No.20 of 2012 arising from a common order dated 25/1/2008 viz. Whether the Tribunal was justified in directing the appellant to deposit 50% of the penalty Rs. 35 lacs imposed by the Adjudicating Authority for the purpos....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dependent person who independently carried out the imports for which remittances were made during the period January, 1991 to April, 1991. This submission of his was not believed by the Adjudicating authority as in his statement he had admitted that he was merely an employee of one Ramesh Kumar Verma and was acting on his instructions. 3. The appellant contends before us that he has carried on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Tribunal incorrectly recording his submissions that he was merely an employee of one Ramesh Kumar Verma. In any case, this is a matter in dispute which could be gone into at the of final hearing of the appeal. 4. Therefore as the record stands today it does appear that he had abetted and aided Ramesh Kumar Verma in remitting foreign exchange of US$ 29,91,100/- and the same was not challenged du....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... No such attempt also appears to have been made by the appellant to explain his dire financial condition before the Tribunal or even before us. 5. In the circumstances, we find that the order of the Tribunal dated 25/1/2008 directing the appellant to deposit 50% of the penalty amount i.e. Rs.17.50lacs out of Rs.35lacs imposed upon him is reasonable. However we extend the time to deposit Rs.17.....