https://www.taxtmi.com/caselaws?id=181390 Partial waiver of penalty and stay of recovery may be justified where most export proceeds have been realised, only a small balance remains outstanding, and documentary efforts show attempts to secure remittance through banks and the Indian High Commission. Weak financial condition, including continuing losses and near-closure of business, supported prima facie relief at the interim stage. The Tribunal granted partial waiver and stayed recovery of the penalty on the condition that 15% of the penalty be deposited and a bank guarantee be furnished for the remaining 85%. en-us Mon, 08 Dec 2014 00:00:00 +0530 Sat, 16 Apr 2016 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181390 Partial waiver of penalty and stay of recovery may be justified where most export proceeds have been realised, only a small balance remains outstanding, and documentary efforts show attempts to secure remittance through banks and the Indian High Commission. Weak financial condition, including continuing losses and near-closure of business, supported prima facie relief at the interim stage. The Tribunal granted partial waiver and stayed recovery of the penalty on the condition that 15% of the penalty be deposited and a bank guarantee be furnished for the remaining 85%. Case-Laws FEMA Mon, 08 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181390