2024 (7) TMI 1801

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....NDARAJAN, MEMBER For the Appellant : None For the Respondents : Mr. Varun Mishra, Adv. ORDER Heard arguments from both sides on the application for waiver of predeposit. Ld. Counsel for the appellant vehemently argued, firstly, that the violation was of technical nature. It is not in dispute that permission of the RBI was taken to transfer the shares in the names of certain individuals....

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....he same appellant, the Ld. Competent Authority has held that the appellant was a non-resident during the relevant years whereas in the present case, the Ld. AA has held that the appellant was a resident during the said period, and therefore the finding of the contravention in question was made by the Authority. He also submitted that considering the nature of the contravention, the penalties le....

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....e extent of six million dollars, a penalty of Rs. 35 crore has been levied. He also submits that the appellant was a resident in India during the relevant period. As regards non- application of mind in issuing show cause notice, he contended that the Authorities is required to form only a prima facie view of contravention for which he had sufficient time to consider the material before him befo....