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AT upheld the contravention finding against the appellant for failing to justify an unaccounted amount of Rs. 7,21,800/- recovered from his premises, which violated Section 10(4) of FEMA. While rejecting the appellant's self-serving defense, the tribunal modified the penalty from Rs. 4,00,000/- to Rs. 1,00,000/-, considering the amount was already confiscated and the appellant was not a habitual offender. The pre-deposit, if any, shall be adjusted against the reduced penalty, with any excess to be refunded within three months from the appeal limitation period.
AT upheld the contravention finding against the appellant for failing to justify an unaccounted amount of Rs. 7,21,800/- recovered from his premises, which violated Section 10(4) of FEMA. While rejecting the appellant's self-serving defense, the tribunal modified the penalty from Rs. 4,00,000/- to Rs. 1,00,000/-, considering the amount was already confiscated and the appellant was not a habitual offender. The pre-deposit, if any, shall be adjusted against the reduced penalty, with any excess to be refunded within three months from the appeal limitation period.
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TaxTMI 
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