RAMESH, J

1. This appeal filed under Section 35 of the Foreign Exchange Management Act, 1999 (‘the Act’ for short) is directed against the order dated 16.2.2004 passed by the Appellate Tribunal for Foreign Exchange, New Delhi, in Revision Petition No. 165/2003. By the said order, the Appellate Tribunal has allowed the Revision Petition filed by the respondent-Enforcement Directorate against the order dated 29.01.2003 passed by the Deputy Director, Enforcement Directorate (Foreign Exchange Management Act), Bangalore.

2. Thefacts in brief leading to filing of this appeal are as follows:

On 9.10.2002, the appellant was found in illegal possession of US Dollar 20,000/-. The Deputy Director, Enforcement Directorate after holding an enquiry found the appellant guilty of contravening Section 3(a) of the Act and accordingly passed the order dated 29.01.2003 referred to above by imposing a penalty of Rs.50,000/- on the appellant under Section 13(1) of the Act: the penalty of Rs.50,000/- imposed was directed to be adjusted from the seized US Dollar 20,000/- and the balance amount was ordered to be released to the appellant. The Deputy Director thought it fit not to exercise the po