2026 (4) TMI 435

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....ated 29.08.2018 (Impugned Order), passed by the Special Director (Appeals), Foreign Exchange Management Act, Government of India, New Delhi. Ld. Special Director (Appeals) upheld the imposition of penalty of Rs. 10,00,000/- on the Appellant M/s Yasha Overseas for contravention of Section 8(3) and Section 8(4) of the Foreign Exchange Regulation Act, 1973 (FERA). This Tribunal vide Order dated 11.07.2024 had disposed of the Application for waiver of pre-deposit of penalty amount with direction to make pre-deposit of Rs. 2,50,000/-, which was subsequently confirmed to have been deposited. 2. Ld. Counsel for the Appellant submitted that the present Appeal relates to the alleged failure on the part of the Appellant to deposit Bill of Entry as....

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....so part of the Appeal paper book. The Appellant also annexed copy of reply of M/s Anita International confirming the High Sea Sale of Teak Logs which were imported under the Bill of Lading No. PHCE00892 dated 29.09.1997. The Appellant highlighted the critical document viz the Bill of Entry No. 12180 dated 13.11.1997 filed by the said M/s Anita International. The Bill of Entry also bears the Bill of Lading No. PHCE00892 dated 29.09.1997. Ld. Counsel for the Appellant further stated that the said Bill of Entry also categorically states the fact of High Seas Expenses. Ld. Counsel further submitted that the handwritten noting on the Bill shows that besides the CIF Value of US $ 41,439.88 the total value comes to US $ 71,439.88, which has been a....

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....given by the Appellant of US $ 30000 should not be accepted since the handwritten noting is not duly stamped and certified. Ld. Counsel therefore pleaded to dismiss the Appeal. 5. We have considered the rival submissions and the material on record. The moot question is whether the Bill of Entry No. 12180 dated 13.11.1997 covers the impugned remittances of US $ 15000, US $ 15000 and US $ 41,537.88 for the imports by the Appellant. The Appellant has stated that the said imports were sold on High Sea Basis to M/s Anita International and therefore the said Bill of Entry was filed by the latter with the Customs. We do find that the Bill of Entry was filed by M/s Anita International. We also observe that the said Bill of Entry was in relation ....