https://www.taxtmi.com/caselaws?id=770869 Partial waiver of pre-deposit was granted in a FEMA penalty appeal, with the Tribunal reducing the requirement to 25% of the penalty after finding no sufficient basis for complete waiver on hardship grounds. The moratorium under section 14 of the Insolvency and Bankruptcy Code did not stay the penalty proceedings or justify full waiver, because the impugned penalty order and appeal predated the moratorium and the matter was treated as a statutory penalty proceeding rather than a debt-recovery action. The challenge based on an alleged discrepancy in the show cause notice was rejected, as the notice and record clearly disclosed the applicable Foreign Exchange (Deposits) Regulations, 2000 and the variance was non-fatal. en-us Mon, 28 Apr 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770869 Partial waiver of pre-deposit was granted in a FEMA penalty appeal, with the Tribunal reducing the requirement to 25% of the penalty after finding no sufficient basis for complete waiver on hardship grounds. The moratorium under section 14 of the Insolvency and Bankruptcy Code did not stay the penalty proceedings or justify full waiver, because the impugned penalty order and appeal predated the moratorium and the matter was treated as a statutory penalty proceeding rather than a debt-recovery action. The challenge based on an alleged discrepancy in the show cause notice was rejected, as the notice and record clearly disclosed the applicable Foreign Exchange (Deposits) Regulations, 2000 and the variance was non-fatal. Case-Laws FEMA Mon, 28 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770869