2005 (8) TMI 752

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.... Respondent : T.K. Gadoo ORDER 1. The following order of the Appellate Tribunal has been delivered by O.P. Nahar, Chairperson. The Appeal No. 393/2005 is filed against Adjudication Order No. 7-4/8-BAN./2001, dated 4-2-2005 and Appeal No. 394/2005 filed against Adjudication Order No. T-4/3-BAN./2000 dated 4-1-2005 both passed by Additional Commissioner of Income-tax as Adjudicating Authori....

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....e mentioned in the show-cause notice of Appeal No. 393/2005. There is no controversy with regard to identification of these GRIs. Similarly, RBI has granted extension by letter dated 2-8-2005 with regard to 11 GRIs discussed in Appeal No. 394/2005. In both the two cases the extension is up to 28th January, 2006. According to the provisions of section 18(2), the exporter cannot do or refrain from d....

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.... of the Foreign Exchange Regulation Act and the various rules, directions and orders issued from time to time have been fulfilled. . . . Under the scheme of the Act, it is the Reserve Bank of India that is constituted and entrusted with the task of regulating and conserving foreign exchange. If one may use such an expression, it is the 'Custodian-General' of foreign exchange. This task of enforcem....

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....judicating Authority or the appeal should be kept pending to oversee whether finally the export proceeds are repatriated or not. This argument of Shri T.K. Gadoo, DLA, does not have any legal basis and is required to be rejected outrightly. As contravention cannot occur after extension from RBI for repatriation of the export proceeds till 28th January, 2006, so these two Adjudication Orders are re....