1995 (8) TMI 352

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....ted against the adjudication order No. 58/ADJ/94- DD (KAK) dated 29-11-1994 where under a penalty of Rs. 1,80,000 has been imposed on the appellant for non-realisation of export proceeds in respect of 5 consignments of the total value of Rs. 5,95,566.03 and thereby having contravened the provisions of section 18(2) and (3) of the Foreign Exchange Regulation Act, 1973 ('the Act'). 2. The....

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....for complete waiver of the penalty. It was also pointed out that even assuming that export made to Singapore covered by three GRIs had become infructuous for reasons beyond the control of the appellant there is , prima facie, nothing to justify non-realisation of the proceeds of exports made to Canada in April 1990. Shri Batra submitted that, in the circumstances, he would press the appeal only fo....

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....d by a third party and that consequently the goods were sold to alternative buyer in Dubai who ultimately failed to make payment. He submitted that the fate of these exports as evidenced by the letters of foreign parties show that the appellant had been placed in circumstances in which he had no means to realise the export proceeds. However, in regard to the exports to Leena Enterprises of Canada ....

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....e unrealised foreign exchange outside the country. I find some force in these submissions. 5. In view of the above, in my opinion, there is adequate justification for reducing the quantum of penalty. While coming to this conclusion, I have also taken into consideration the fact that the appellant is the sole proprietor of his business. Taking all the facts and circumstances of the case, in my o....