2019 (1) TMI 190

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.... For the Respondent : Shri Prashant Pandey, Legal Consultant & Mrs. Aagam Kaur, Legal Consultant JUDGMENT These appeals have been filed by the appellants against order No. SDE/SKP/II/3/2005 dated 22.03.2005 passed by the Special Director, Enforcement Directorate. Briefly the appellant had entered into two sale contracts with M/s. CMC Beijing, China (i) for glass manufacturing equipment fo....

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....1,07,625 already effected by them through the HSBC bank. The RBI vide its letter dated 18.11.2002 reverted by stating that the matter is in their active consideration. However, this approval was not received. The appellants both in their appeal and during the hearing before this Bench have stated that from the above facts, it can be seen that they are not at fault and hence invoking provisions ....

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....clearly about the remittance on account of 15 per cent advance against each of the contract. They further stated that the amount of USD 1,07,625 is shown as remittance against the import of glass manufacturing equipments, which proves that when the foreign exchange of USD 45,000 and USD 62,625 were made on 16.02.2001 as advance payment in respect of both technology and equipment import, there was ....