TaxTMI 
TaxTMI 
2015 (9) TMI 143
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....ling in bullion. It has, in para 1, set out as to how it is in this business and the recognition has also been given for the same. 4. It has been pointed out that the Foreign Trade (Development and Regulation) Act, 1992 was enacted to provide for development and regulation of foreign trade by facilitating imports into, and augmenting exports from India and for matters connected there with or incidental thereto. Our attention has been invited by Mr. Shah appearing for the Petitioner to several provisions of the Act. If the Act empowers issuance of a licence so as to facilitate the party like the Petitioner to undertake foreign trade activity, it contains provisions so that the authorities can cancel the licence and in an appropriate ....
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....d be the compliance in terms of the export obligation. The export quantity is 350 kg. and 200 kg. of gold was sold in the domestic market. This is a violation of the conditions of nominated agency certificate dated 9th April, 2013 and RBI Circular dated 22nd July, 2013. 6. Mr. Shah submits that if an incident of July, 2013 is the basis for issuance of a show cause notice in October, 2014, then, there was no need or necessity of passing a suspension order on 31st October, 2014 and that too without giving a reasonable opportunity of being heard to the Petitioner. Thus, the impugned order at page 35 of the paper book is contrary to section 9 sub-section (4) proviso and also principles of natural justice. There being no emergent situati....
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....tly, Mr. Jetly submits that the adjudicating authority will prepone the date of hearing and grant a personal hearing to the Petitioner on 5th November, 2014 instead of 11th November, 2014. It will pass the necessary Order expeditiously. This is an additional reason why the Writ Petition should not be entertained. Alternatively and without prejudice Mr. Jetly submits that the authority would give post decisional hearing on the suspension. Hence, the Writ Petition be dismissed. 8. We have, with the assistance of Mr. Jetly, perused the Writ Petition and all annexures. We have perused the show cause notice and the addendum thereto. We have also perused the relevant statutory provisions. We are mindful of the fact that there is a power i....
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....able the authority to scrutinize and examine the record properly, nothing has been alleged, which would indicate that the matters have been precipitated by the Petitioner, beyond stating that a statement was submitted on 25th June, 2014 by the Petitioner that resulted in the show cause notice being issued. If the authority was of the opinion that the explanation given on record and till that date was inadequate and that the certificate has been renewed till 2015 by connivance or collusion or by perpetrating a fraud, we do not find any basis for the order of suspension. That order was passed on 31st October, 2014. At this stage, we do not find any material other than the addendum, which merely reiterates the contents of the show cause notice....