Manmohan Sarin, J.

( 1 ) PETITIONERS by this petition impugne the order dated 21st January, 2004 passed by the Adjudicating Officer wherein, while holding that there has been no contravention of Sections 8 (3) and 8 (4) of Foreign Exchange Regulation Act, 1973, penalty of Rs. 5 lakhs on the firm and Rs. 50,000/- each on the partners has been imposed. Mr. Ajay Kumar Sharma, learned Counsel for the petitioners submits that the Adjudicating Officer has found only a formal violation of the procedure prescribed under para 7a. 20 of Exchange Control Manual, inasmuch as petitioner has been found to have imported the goods in question. The remittance and payment has also been made by Letters of Credit through normal banking channels. The only procedural violation attributable to the petitioners is that petitioner failed to furnish the original Exchange Control copy of "bill of Entry" within three months from the date of remittance.

( 2 ) THE Adjudicating Officer in para 9 of the impugned order held that "though they have submitted enough proof for import of the goods but could not submit proof for submission of Exchange Control Copy of Bill of Entry. They have, therefore, violated the prov

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