https://www.taxtmi.com/caselaws?id=196049 A retracted statement may still sustain a finding of contravention under foreign exchange law when it is corroborated by surrounding circumstances, the transaction lacks a believable innocent explanation, and the maker offers no proof of coercion or duress. The claimed immunity under the 1991 exemption scheme and the argument that no foreign exchange loss occurred were rejected because the essential ingredients of the contravention were established on the evidence and supporting presumptions arising from human conduct and special knowledge. Where the contravention is sustained but the transaction is a single instance and the penalty appears disproportionate, the punishment may be reduced. The penalty was therefore moderated from Rs. 60,000 to Rs. 30,000. en-us Wed, 23 Apr 2008 00:00:00 +0530 Sat, 18 Nov 2017 10:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196049 A retracted statement may still sustain a finding of contravention under foreign exchange law when it is corroborated by surrounding circumstances, the transaction lacks a believable innocent explanation, and the maker offers no proof of coercion or duress. The claimed immunity under the 1991 exemption scheme and the argument that no foreign exchange loss occurred were rejected because the essential ingredients of the contravention were established on the evidence and supporting presumptions arising from human conduct and special knowledge. Where the contravention is sustained but the transaction is a single instance and the penalty appears disproportionate, the punishment may be reduced. The penalty was therefore moderated from Rs. 60,000 to Rs. 30,000. Case-Laws FEMA Wed, 23 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196049