TaxTMI 
TaxTMI 
1984 (1) TMI 332
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....r, for the Respondents. JUDGMENT This is a second appeal under Section 54 of the Foreign Exchange Regulation Act, W3, (hereinafter called the Act), against the order of the Foreign Exchange Regulation Appellate Board (hereinafter referred to as the Board), dated May 20, 1982. 2. The Enforcement Directorate, Jullundur, issued two memoranda dated December 29, 1980 (hereinafter referred....
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....t being satisfied with the explanation given by the appellant, proceedings were initiated against him under the above-said Acts. The Adjudicating Officer held that the appellant contravened the aforesaid provisions and, therefore, imposed a consolidated penalty of Rs. 1,500/- upon him. In appeal, the Board found that the conduct of the appellant was undoubtedly bona fide, but at the same time, it ....
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....sp; * (a) to (b)          *          *          * Explanation. -        *          *          * (c) to (g)     &emsp....
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....emsp;    *        *        * It is surprising that in spite of the explanation furnished by the appellant to the notice issued to him wherein it was stated inter alia that Section 9(2)(b) of the Act, conferred on him the right to transfer his foreign exchange without permission, and which has been extracte....