2001 (6) TMI 839

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....er dated 31-5-2001 intimating that with their personal efforts, they have now received the payment against the outstanding amount of $6244 for the non-realisation of which penalty was imposed which is under challenge in these appeals. A copy of the relevant bank advice for the remittances from Uganda to the appellant's account with Bank of Baroda Backbay Reclamation, Mumbai, is attached to the sai....

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....t they are making serious efforts to realise the amount. However, the learned adjudicating authority was not satisfied with the appellants' submission and proceeded to impose penalty of Rs. 25,000 on the President of the appellant-firm for their failure to make any concrete efforts to secure receipt in respect of aforesaid outstanding amount of $6244. During the pendency of this appeal that amount....