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of <h1>Tribunal allows conditional waiver of pre-deposit, orders Rs 5 lakh deposit or automatic dismissal of SAFEMA appeal</h1> The AT under SAFEMA, New Delhi, in an appeal concerning characterization of funds received by a company as project cost rather than share capital, ... Seeking waiver of the pre deposit of penalty - money which was received in the company was not share capital but was project cost - HELD THAT:- The interest of justice will be served if pre-deposit of Rs. 5,00,000/- is paid at this stage within four weeks and deposited with the concerned office i.e. Enforcement Directorate, Hyderabad, failing which the appeal shall stand dismissed. List the matter on 09th January, 2025. Appellate Tribunal under SAFEMA, New Delhi, heard an interim application concerning pre-deposit of penalty in an appeal against an order imposing a penalty of Rs. 25,00,000/-. The appellant initially argued on merits that the impugned amount received by the company constituted project cost, not share capital, but then pressed primarily for waiver of pre-deposit on grounds of financial hardship. The appellant volunteered to deposit Rs. 5,00,000/- as a condition for admission and hearing of the appeal on merits. The respondent opposed any waiver and sought full deposit of the penalty amount. The Tribunal, considering the rival submissions and 'interest of justice,' directed the appellant to pre-deposit Rs. 5,00,000/- with the Enforcement Directorate, Hyderabad, within four weeks, failing which the appeal would stand dismissed. Timelines were set for filing reply and rejoinder, and the matter was listed for 09 January 2025.
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