1992 (10) TMI 281

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....randum No. T-4/194/D/87/AD(B)/10409 dated 11-8-1987 was issued to the appellant Ciba Industrial Corpn. and its proprietor Mrs. Swarn Aggarwal, alleging that during the year 1977 Ciba Industrial Corporation exported ready-made garments to U.S.A. of the value of Rs. 21,486-99 under GRI Forms DEL.B. 362986 and 362987, both dated 9-11-1977 and that the said firm failed to take action or refrained from....

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....nce of Rs. 953.65. In this case, the negotiating bank of the export documents is the Central Bank of India, Parliament Street, New Delhi. The payment of the aforesaid GRI Forms, if at all received directly by the party, should have been deposited with the Central Bank of India, Parliament Street, New Delhi against the outstanding GRI Forms Del. B.362987 and 362986 both dated 7-11-1977 which has no....

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....rent account No. 2183 with Central Bank of India. Alternatively, counsel for the appellant submitted that having regard to the fact that the export proceeds have been realised, even though not as per the mode of realisation prescribed under law, the imposition of penalty of Rs. 20,000 is on very high side and that, therefore, a lenient view be taken in the matter. On the other hand, the counsel ap....

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....rder No. 114086 for Rs. 7,377.05   Rs. 20,513.34 (Say Rupees Twenty thousand five hundred thirteen and paise thirty-four only)." 5. As it would appear from the above, the Central Bank has not stated that the amount covered by the above Pay Orders was in respect of the export proceeds covered by the GRI Forms in issue. Therefore, the conclusions arrived at by the Assess....