TaxTMI 
TaxTMI 
2012 (12) TMI 557
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....he 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 purposes of hearing the appellant's appeal under....
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....ut 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 the business of import of diamonds independent....
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.... 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 during the oral submissions made before the Tribun....