https://www.taxtmi.com/caselaws?id=199007 A retracted confession, even when linked to a co-noticee's statement, was treated as insufficient to prove contravention without independent corroboration of the alleged foreign exchange dealings. The alleged chain of purchase and sale could not be independently established, and the related proceedings against the co-noticee had already failed for lack of adequate evidence. A banking-channel credit of drafts was also held not to establish unlawful acquisition of foreign exchange, since the facts showed receipt of Indian currency rather than prohibited foreign exchange. On that basis, the confiscation and penalty were not sustained and the impugned adjudication was annulled with consequential refund relief. en-us Tue, 31 Aug 1999 00:00:00 +0530 Fri, 16 Feb 2018 17:54:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199007 A retracted confession, even when linked to a co-noticee's statement, was treated as insufficient to prove contravention without independent corroboration of the alleged foreign exchange dealings. The alleged chain of purchase and sale could not be independently established, and the related proceedings against the co-noticee had already failed for lack of adequate evidence. A banking-channel credit of drafts was also held not to establish unlawful acquisition of foreign exchange, since the facts showed receipt of Indian currency rather than prohibited foreign exchange. On that basis, the confiscation and penalty were not sustained and the impugned adjudication was annulled with consequential refund relief. Case-Laws FEMA Tue, 31 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199007