https://www.taxtmi.com/caselaws?id=112328 The Tribunal was justified in setting aside the penalty under FERA where the respondent's explanation of the seized entries matched the regular accounting method used in indenting business. The statement relied on by the department did not amount to a confession of contravention, and the documents themselves did not establish payment to or receipt from foreigners in breach of the Act. With no other material showing a prohibited foreign exchange transaction, the High Court found no basis to interfere and held that no question of law arose. en-us Sat, 29 Sep 2007 00:00:00 +0530 Fri, 27 Apr 2012 16:21:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112328 The Tribunal was justified in setting aside the penalty under FERA where the respondent's explanation of the seized entries matched the regular accounting method used in indenting business. The statement relied on by the department did not amount to a confession of contravention, and the documents themselves did not establish payment to or receipt from foreigners in breach of the Act. With no other material showing a prohibited foreign exchange transaction, the High Court found no basis to interfere and held that no question of law arose. Case-Laws Companies Law Sat, 29 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112328