https://www.taxtmi.com/caselaws?id=196029 Penalty under the Foreign Exchange Regulation Act, 1973 cannot be sustained solely on retracted statements or a co-accused's confession unless independent corroborative evidence links the appellant to the alleged contravention. Where the alleged foreign-exchange transaction is not clearly identified, the co-accused's statement does not describe the nature or details of the sale, and no identification parade or other material connects the appellant to the transaction, the evidentiary basis is insufficient to uphold penalty. The appeal was allowed and the penalty set aside. en-us Mon, 21 Feb 2011 00:00:00 +0530 Fri, 17 Nov 2017 14:49:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196029 Penalty under the Foreign Exchange Regulation Act, 1973 cannot be sustained solely on retracted statements or a co-accused's confession unless independent corroborative evidence links the appellant to the alleged contravention. Where the alleged foreign-exchange transaction is not clearly identified, the co-accused's statement does not describe the nature or details of the sale, and no identification parade or other material connects the appellant to the transaction, the evidentiary basis is insufficient to uphold penalty. The appeal was allowed and the penalty set aside. Case-Laws FEMA Mon, 21 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196029