1995 (8) TMI 351

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.... Adjudication Order No. 1-2-3/ADJ/ 95/AD/BS/58 dated 5-1 -1995 where under a penalty of Rs. 3,000 has been imposed on the appellant for contravention of section 9(1)(e) of the Foreign Exchange Regulation Act, 1973 ("the Act). The allegation against the appellant is that it placed a sum of Rs. 24,123.34 in its books of account in the year 1982-83, to the credit of Rakesh Kapoor who is settled ....

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....re satisfied with the appellant's reply as, after the appellant submitted reply to any SCN, no action was initiated in pursuance thereof within a reasonable time. He relied on the judgment of the Supreme Court in the case of Regional Provident Fund Commissioner v. K. T. Rolling Mills (P.) Ltd JT 1995 (1) SC 138, where the Supreme Court made the following observations, while dealing with the pr....

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....he conclusion that the person has consciously and deliberately committed the contravening act. He also referred to the other judgment of the Supreme Court in Smt. Banso Devi v. Assistant Director of Enforcement, where for a technical and venial breaches of section 9(1)(b) of the Act, the penalty of Rs. 3,000 was reduced by the Court to Re. 1 only. 4.The other submission made by Shri Singh, has eq....

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....nt in India. The amount continued to be reflected in the appellant's books of account and ultimately it was transferred to his NRO account on 19-1-1983 to clear the account from the appellant's books of account. It was further seen that the appellant was charged with contravention of section 9(1 )(a) for making payment of the said amount to the credit of Rakesh Kapoor on 9-1-1983 when he w....