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2003 (9) TMI 830
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....: O.P. Vaishnav and Mahendra Singh For the Respondent : T.K. Gadoo ORDER D.P. Sharma, Chairperson. This Appeal is directed against Adjudication Order No.ADJ/442/ AD(PKB)/2002, dated 20-1-2003, whereby the Appellant has been held guilty for contravening the provisions of section 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973 for which a penalty of Rs. 15 lakhs has been impos....
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....India, Mumbai and the same was duly used for import of 34238 MTRS PVC. It has been further submitted by the Appellant that they were engaged for the first time in the business of import in the month of December, 1999 and through oversight they have forgotten to submit the documents of utilization of foreign exchange with the authorised money changer. It has been further submitted that due to major....
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....itted that the Appellants be directed to appear before the Adjudicating Officer and furnish necessary documents in order to satisfy him that no contravention or section 8(3) and 8(4) of Foreign Exchange Regulation Act, 1973 had taken place. Shri Vaishnav and Shri Mahendra Singh, the Counsels of the Appellants do not object to this. 4. In the aforesaid, the impugned order is set aside and the ma....