2001 (6) TMI 837

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....MAS/85/86 on File No. T4/30 S2/City/86 dated 25-3-1986 whereby penalty of Rs. 5,000 has been imposed on the Appellant for contravening the provisions of section 9(1)(c) of the Foreign Exchange Regulation Act, 1973 ('the Act'). The amount of penalty has already been deposited by the Appellant. 2. Notices of hearing of this appeal were sent to the Appellant and his advocate but the same hav....

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.... be used for a long period and be of perpetual memory to the Appellant. The Appellant paid custom duties for these gifts on his arrival in India. On his arrival in India, the Appellant made proper declaration of these items to the Customs authorities and paid custom duty of Rs. 1,37,480 which is almost thrice the price of the items. The Appellant did not intend to take these gifts free of cost and....

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....llant which would attract the provisions of section 9(1)(c). There is no overt act at all on the part of the Appellant which could be viewed as an acknowledgement of debt. Disclosure in the statement relied upon by the Respondent in this case is not sufficient to sustain the allegation of contravention of section 9(1)(c). It is relevant to note that the conduct of the Appellant in making proper de....