https://www.taxtmi.com/caselaws?id=354486 The Tribunal upheld the adjudication order under section 19 of FEMA, finding the appellant's statements recorded by Enforcement Authorities to be reliable despite retractions. The elements of contravention of section 3 FEMA were established based on evidence of transactions and connections to harwala activities. The penalty was reduced to 50% of the original amount, with the appellant required to pay Rs. 2 lakh within eight weeks. Failure to comply would result in dismissal of the appeal and enforcement of the full penalty of Rs. 4 lakh. en-us Tue, 23 Jan 2018 00:00:00 +0530 Tue, 30 Jan 2018 11:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354486 The Tribunal upheld the adjudication order under section 19 of FEMA, finding the appellant's statements recorded by Enforcement Authorities to be reliable despite retractions. The elements of contravention of section 3 FEMA were established based on evidence of transactions and connections to harwala activities. The penalty was reduced to 50% of the original amount, with the appellant required to pay Rs. 2 lakh within eight weeks. Failure to comply would result in dismissal of the appeal and enforcement of the full penalty of Rs. 4 lakh. Case-Laws FEMA Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354486