https://www.taxtmi.com/caselaws?id=244640 Documentary records, account books, bank entries and seized letters were held to establish that hawala transactions were carried on through the partnership firm's business with the knowledge and participation of the partners, so liability under FERA was fastened on both the firm and the partners. The employee's retracted statements were treated as voluntary and reliable because they were independently corroborated by matching documents and no coercion was shown. After remand, the authority was competent to reassess penalty on the record and show cause notice, and the penalty was upheld as lawful, within the permissible statutory range, and not excessive. en-us Fri, 31 Jan 2014 00:00:00 +0530 Sun, 02 Mar 2014 06:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244640 Documentary records, account books, bank entries and seized letters were held to establish that hawala transactions were carried on through the partnership firm's business with the knowledge and participation of the partners, so liability under FERA was fastened on both the firm and the partners. The employee's retracted statements were treated as voluntary and reliable because they were independently corroborated by matching documents and no coercion was shown. After remand, the authority was competent to reassess penalty on the record and show cause notice, and the penalty was upheld as lawful, within the permissible statutory range, and not excessive. Case-Laws FEMA Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244640