1990 (11) TMI 418

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.... Bench of the Calcutta High Court disposing of an appeal under Section 54 of the Foreign Exchange Regulation Act, 1947, dated 28-4-78. The order being very brief is extracted below :- Having taken into consideration the relevant facts and the circumstances of this case, we are of opinion that there has been a violation of Section 5(1)(a) of the Foreign Exchange Regulation Act, 1947, but in view....

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....ut the quantum of penalty which was Rs. 2,50,000/-(Rupees Two lakhs and fifty thousand) in the special facts of the case. Though at the time leave was granted the point on which such leave was given has not been indicated, Counsel for the appellant tells Us that it was for the consideration of the correctness of the submission that when Under Section 54 of the Act an appeal lies to the High Court ....