https://www.taxtmi.com/caselaws?id=160810 A retracted statement, without independent corroboration, cannot by itself sustain a penalty under the Foreign Exchange Regulation Act, 1973; on that basis, the Tribunal held the penalty unsustainable. A private diary entry noting dues does not amount to an acknowledgement of debt unless it contains a clear admission of liability in favour of a person with an actionable claim; on that basis, the alleged acknowledgement failed. The Tribunal therefore treated the penalty order as unsupported by reliable proof and allowed the appeal, with consequential refund of the pre-deposit amount. en-us Wed, 23 Feb 2011 00:00:00 +0530 Tue, 24 Dec 2013 18:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160810 A retracted statement, without independent corroboration, cannot by itself sustain a penalty under the Foreign Exchange Regulation Act, 1973; on that basis, the Tribunal held the penalty unsustainable. A private diary entry noting dues does not amount to an acknowledgement of debt unless it contains a clear admission of liability in favour of a person with an actionable claim; on that basis, the alleged acknowledgement failed. The Tribunal therefore treated the penalty order as unsupported by reliable proof and allowed the appeal, with consequential refund of the pre-deposit amount. Case-Laws FEMA Wed, 23 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160810