TaxTMI 
TaxTMI 
2017 (10) TMI 460
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....on, Repatriation and Surrender of Foreign Exchange) Regulations, 2000 as well as an application under Section 5 of the Limitation Act for Condonation of delay in filing the restoration application has been filed on 21.01.2016. The facts of the case - as they emerge from the records are that by an order dated 17.02.2009 an amount of Rs. 5,00,00,000/- (Rupees Five Crores only) penalty had been imposed on M/s. Wadhwa Enterprises, personal penalty of Rs. 7,00,000/- (Rupees Seven Lakhs only) on Sanjeev Wadhwa and a personal penalty of Rs. 5,00,00,000/- (Rupees Five Crores only) each on Shri Sanjeev Wadhwa & Shri Rajeev Wadhwa, Partners in M/s. Wadhwa Enterprises under Section 13 (1) of Foreign Exchange Management Act, 1999 for having contrave....
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....t firm in appeal No. 52/2009 is held guilty for Contravention of Section 3 (a), 4 and 8 of FEM Act, 1999. The other two appellants held guilty as partners of the appellant company. As per factual position, the Indian currency of Rs. 4,32,900/- and foreign currency US $ 814612.50 (including TCS), Can $ 126100 DM, 1587937, UE Dirham 566390, UK Pound 160465, SF 40022, FF 9300, HK $ 12440, Dutch Guilder 116243, SR 86900 Lira 196221, Yen 21830, Kuwaiti Dinar 1300, Omani Riyal 112, Bahrain Dinar 60, Aus. $ 5300, Malaysian $ 300 and Singapore $ 17 are recovered from the premises of appellant firm in appeal No. 52/09. Also some notings found in the seized documents are recovered where different amounts of foreign currency are described along with t....
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....shment is not faintly established. The matter with regard to undue hardship on the question of pre-deposit of penalty is well settled by the judgment of Apex Court in (1) Benara Valves Ltd. Vs. Commissioner of Central Excise 2006 (2) Scale 303 and; (2) Monotosh Saha v. Special Director, Enforcement Directorate; 2008 (11) Scale 603. In these judgments Hon'ble Supreme Court has held in short that dispensation should be allowed wherever impugned order is (1) ex facie bad which cannot withstand legal scrutiny; and (2) sufferance from financial disability. Further, in Monotosh Saha V. Special Director, Enforcement Directorate; 2008 (11) Scale 603 emphasis is also laid on the legal duty casted by Second Proviso of Section 19(1) FEM Act, 1999 u....
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.....2009 passed by the Hon'ble Delhi High Court in writ petition No. 10878/2009- Wadhwa Enterprises and Ors. Vs. UOI and Ors. has been filed by the respondent showing that the petition was dismissed in default. The demand noticed dated 23.07.2014 issued to the appellant has also been filed along with report of service that the above notices have shifted to some other place. The notice sent to Ld. Counsel representing the appellants has not been received back unserved. From the perusal of the order sheets it appears that several notices have been issued to the appellants and Ld. Counsel representing them but none could be served. It is apparent that the appellants have been avoiding the service of the notices. The appeals are of the year 2009. ....
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.... Delay, the aforesaid reason i.e. the premises of the appellant firm lying locked and shifting of residence by the appellants as well as the chamber of the counsel of the appellant has been stated. As stated earlier, by an order dated 11th May, 2009 this Tribunal had directed the appellants to deposit 20% of their amount of penalty along with submissions of unconditional bank guarantee of remaining 30% within a period of 45 days from 11th May, 2009 failing which the appeal would stand dismissed on this ground alone. The appellant cannot be permitted to change its stand. The above directions of this Tribunal have not been followed by the appellant till date. No sufficient cause has been given by the appellant for not depositing the pre....