https://www.taxtmi.com/highlights?id=89220 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. en-us Mon, 09 Jun 2025 07:29:45 +0530 Mon, 09 Jun 2025 07:29:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=89220 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. Highlights FEMA Mon, 09 Jun 2025 07:29:45 +0530 https://www.taxtmi.com/highlights?id=89220