TaxTMI 
TaxTMI 
2014 (12) TMI 1225
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....used the record. 2. Brief facts relevant for the disposal of the applications are that an information was received from the State Bank of Indore, Fort Branch, Mumbai regarding non-realization of certain export bills by appellant M/s. Space Age Polymers Pvt. Ltd., Udaipur, within the prescribed period. It was alleged that during the period 1992-94 the company dispatched various shipments of goods abroad, but failed to realize and repatriate export proceeds of 06 GRs total value of which was US$ 2,57,993/- equivalent to Rs. 79,15,366.60 in Indian currency. During investigation it was found that export proceeds of 02 GRs the transactions of which were made through Bank of Baroda, Udaipur valued at US$ 20,631.78 equivalent to Rs. 4,99,7....
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.... realization. The appellants have stated that they have requested the Reserve Bank of India to write off the outstanding bills while seeking help from the embassy for realization of the payment. The Adjudicating Officer, Addl. Director, Enforcement Directorate vide impugned order dated 22nd October, 2010 held the appellants liable for failure to take all reasonable steps to realize and repatriate the export proceeds into India in respect of 02 GRs and imposed penalty under Section 50 of the Foreign Exchange Regulation Act, 1973 for contravening the provisions of Section 18(2) and 18(3) of FERA read with Section 68(c) of the said Act. The Adjudicating Officer imposed a penalty of Rs. 23 lakhs on appellant M/s. Space Age Polymers (P) Ltd. and....
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....e appellants due to political disturbances and other disturbances the export proceeds could not be realized as the concerned party could not be found/located. The Adjudicating Officer in the impugned order has held that the appellants failed to take reasonable steps to realize the pending export proceeds totalling to US $ 20631.78 for the exports made during 1992. However, despite all correspondence and papers having been filed by the appellant, he did not elaborate as to what more efforts or steps could have been taken by the appellants. Further submission is that substantial part of the export proceeds has been duly realized by the appellants and less than 10% of the total amount of export proceeds is due for which the appellants have mov....
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....pleaded that the appellants will suffer great hardship in case their applications for stay and waiver of penalty are not allowed. Further the appellants have good chance of success in the appeals. 8. Shri G.N. Ghosh, ld. ALA has opposed the application and has submitted that the appellants have no prima facie case. They could not retrieve export proceeds since 1992 and have failed to take adequate steps for its recovery. The impugned order is a reasoned and sound order. The Adjudicating Officer has taken all the aspects into account and has considered the defence of the appellants in detail and has imposed a reasonable penalty. The financial position of the appellants is not such that they cannot deposit the amount of penalty impose....
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....d is incurring losses continuously has not been disputed by the respondent. Prima facie the audit reports are in conformity with the arguments advanced that the company is incurring financial losses regularly. Considering the facts and circumstances as discussed above and in view of the case laws of judgment of Hon'ble Delhi High Court in Writ Petition 17467/2006 - Special Director of Enforcement v. Anil Aggarwal and Anr., dated 31-3-2009 and Bhavya Apparels (P) Ltd. v. Union of India passed in Special Civil Application No. 9284/2011, dated December 1, 2011 [2012 (280) E.L.T. 27 (Guj.) = 2013 (29) S.T.R. 321 (Guj.)] of Gujarat High Court, judgment of Hon'ble Madras High Court in Syed Ahmed Buhari v. Special Director, Enforcement Directorate....