1995 (12) TMI 437

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.... No. ADJ/9B/DD/RAJ/1995, dated 10-1-1995 (despatched on 14-2-1995) under which a penalty of Rs. 75,000 has been imposed on the appellant for contravention of section 9(1)(d) of the Foreign Exchange Regulation Act, 1973 ('the Act'). The appellant is stated to have deposited the amount of penalty, this order disposes of the appeal on merits. 2. One of the grounds on which the Adjudication Order has....

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..... There is no discussion in the impugned order as to how the charge of making payment of Rs. 5,50,000 is found to be substantiated. Apparently, the charge is based on the retracted confessional statement of the appellant to the effect that he received a sum of Rs. 5 lakhs from NRE account of Raji Menon and in lieu thereof paid an amount of Rs. 5,50,000 through his accountant Manohar Lal Bhatia. As....