https://www.taxtmi.com/caselaws?id=772424 The Appellate Tribunal under SAFEMA upheld the finding of contravention under Section 10(4) of FEMA regarding unaccounted amount of Rs. 7,21,800 recovered from appellant's premises. The tribunal rejected appellant's defense claiming the money belonged to an employee and represented recent withdrawals, finding it unsupported by documentary evidence. However, considering the amount was already confiscated and appellant was not a habitual offender, the tribunal reduced the penalty from Rs. 4,00,000 to Rs. 1,00,000, allowing adjustment of any pre-deposit against the reduced penalty. en-us Tue, 18 Mar 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772424 The Appellate Tribunal under SAFEMA upheld the finding of contravention under Section 10(4) of FEMA regarding unaccounted amount of Rs. 7,21,800 recovered from appellant's premises. The tribunal rejected appellant's defense claiming the money belonged to an employee and represented recent withdrawals, finding it unsupported by documentary evidence. However, considering the amount was already confiscated and appellant was not a habitual offender, the tribunal reduced the penalty from Rs. 4,00,000 to Rs. 1,00,000, allowing adjustment of any pre-deposit against the reduced penalty. Case-Laws FEMA Tue, 18 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772424