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2014 (12) TMI 1225 - AT - FEMAWaiver of penalty - Held that:- The fact that the company has almost closed business and is incurring losses continuously has not been disputed by the respondent. Prima facie the audit reports are in conformity with the arguments advanced that the company is incurring financial losses regularly. Considering the facts and circumstances as discussed above and in view of the case laws Special Director of Enforcement v. Anil Aggarwal and Anr.[2009 (3) TMI 1011 - DELHI HIGH COURT] and BHAVYA APPARELS PVT. LTD. Versus UNION OF INDIA [2012 (11) TMI 558 - GUJARAT HIGH COURT] we are of the view that the prima facie case for partial waiver of penalty is made out. In this view of the matter, it appears to be appropriate that the appellants be directed to deposit 15% of the amount of penalty imposed against each appellant and further furnished bank guarantee for the balance 85%
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