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of AT dismissed the appeal and upheld the Adjudicating Authority's penalty order, declining to enhance the quantum of penalty for failure to realize export proceeds and contravention of FEMA provisions and related regulations. The Tribunal found that the Adjudicating Authority examined the facts and evidence, applied mitigating circumstances, and exercised its statutory discretion under the relevant penalty provisions judiciously. Given that the statute prescribes a maximum limit and permits discretionary reduction, and absent any demonstration of perversity or misapplication of law or fact, there was no warrant to interfere. The challenge seeking enhancement of penalty by the appellant therefore fails and the AO's order is affirmed in toto.
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