The AT dismissed the appeal against the penalty imposed for...

The AT dismissed the appeal against the penalty imposed for contravention of Section 8(1) of FERA, 1973, relating to illegal purchase and sale of foreign currencies and foreign marked gold. Confiscated currency and incriminating documents recovered during search were held admissible and corroborated by the appellant's own explanations and statements of witnesses, including his employee. The appellant's contention challenging the evidentiary value of loose slips was rejected due to his own acknowledgment of their contents. Despite repeated adjournments, the appellant failed to provide a credible defense against the charges. While the appeal was dismissed as meritless, the AT reduced the penalty to 25% considering the appellant's poor financial condition and ongoing medical treatment for cancer.