https://www.taxtmi.com/caselaws?id=247936 A retracted statement under Section 40 of the Foreign Exchange Regulation Act was treated as reliable because it was found voluntary and supported by independent corroboration from seized documents, call records, and recovered cash. The allegation of coercion was not substantiated. On the facts, the appellant's liability was established by the retracted statement together with the documentary and circumstantial material, and Rajiv Gopalani's involvement was proved through seized entries, handwriting evidence, and his failure to explain the record. The contraventions under the foreign exchange law were therefore upheld, and the penalties and confiscation ordered by the Tribunal were sustained. en-us Wed, 16 Apr 2014 00:00:00 +0530 Tue, 23 Feb 2016 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247936 A retracted statement under Section 40 of the Foreign Exchange Regulation Act was treated as reliable because it was found voluntary and supported by independent corroboration from seized documents, call records, and recovered cash. The allegation of coercion was not substantiated. On the facts, the appellant's liability was established by the retracted statement together with the documentary and circumstantial material, and Rajiv Gopalani's involvement was proved through seized entries, handwriting evidence, and his failure to explain the record. The contraventions under the foreign exchange law were therefore upheld, and the penalties and confiscation ordered by the Tribunal were sustained. Case-Laws FEMA Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247936