https://www.taxtmi.com/caselaws?id=197138 Penalty for alleged foreign exchange contravention could not be sustained where it rested mainly on retracted statements of the appellant and a co-noticee, without independent corroboration. Cash recovered from a residence was not linked to the appellant's business accounts, and the typed sheets lacked signatures or other reliable proof connecting them to the appellant. The wife's statement was not relied on for the adverse finding. The tribunal also noted the criminal court's acquittal on the same allegations after appraisal of the evidence. On this material, the finding of contravention was not supported and the penalty was set aside. en-us Fri, 04 Feb 2011 00:00:00 +0530 Thu, 28 Dec 2017 16:35:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197138 Penalty for alleged foreign exchange contravention could not be sustained where it rested mainly on retracted statements of the appellant and a co-noticee, without independent corroboration. Cash recovered from a residence was not linked to the appellant's business accounts, and the typed sheets lacked signatures or other reliable proof connecting them to the appellant. The wife's statement was not relied on for the adverse finding. The tribunal also noted the criminal court's acquittal on the same allegations after appraisal of the evidence. On this material, the finding of contravention was not supported and the penalty was set aside. Case-Laws FEMA Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197138