https://www.taxtmi.com/caselaws?id=383946 The appeal was dismissed by the appellate tribunal, upholding penalties imposed on the appellants for contravention of FEMA, 1999. The tribunal found substantial evidence supporting illicit transactions by the appellants, including verified international communications and the lack of credible explanations for the seized amount. Appellants' retractions were deemed unconvincing, and their denial of involvement in foreign currency transactions was contradicted by their own statements. The tribunal concluded that the penalties were justified based on the preponderance of evidence and upheld the original order. en-us Wed, 24 Jul 2019 00:00:00 +0530 Sat, 03 Aug 2019 08:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383946 The appeal was dismissed by the appellate tribunal, upholding penalties imposed on the appellants for contravention of FEMA, 1999. The tribunal found substantial evidence supporting illicit transactions by the appellants, including verified international communications and the lack of credible explanations for the seized amount. Appellants' retractions were deemed unconvincing, and their denial of involvement in foreign currency transactions was contradicted by their own statements. The tribunal concluded that the penalties were justified based on the preponderance of evidence and upheld the original order. Case-Laws FEMA Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383946