Unaccounted Cash Recovery Leads to Reduced Penalty Under FEMA Section 10(4) for Non-Habitual Offender

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....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.....