https://www.taxtmi.com/caselaws?id=384077 Penalty under FERA was unsustainable where the pre-31.07.1995 regulatory position treated deposits into NRE accounts through mandate or power of attorney holders as permissible, and the record did not establish that the appellant himself made the impugned deposits or otherwise satisfied the ingredients of Sections 8(1), 9(1)(a) and 9(1)(f)(i). A retracted statement under Section 40 could not, without substantial independent and cogent corroboration, be used as the sole basis for penalty. As no adequate corroborative material was shown, the penalty order was set aside and relief was granted on the merits of the alleged contraventions. en-us Tue, 30 Jul 2019 00:00:00 +0530 Tue, 06 Aug 2019 07:43:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384077 Penalty under FERA was unsustainable where the pre-31.07.1995 regulatory position treated deposits into NRE accounts through mandate or power of attorney holders as permissible, and the record did not establish that the appellant himself made the impugned deposits or otherwise satisfied the ingredients of Sections 8(1), 9(1)(a) and 9(1)(f)(i). A retracted statement under Section 40 could not, without substantial independent and cogent corroboration, be used as the sole basis for penalty. As no adequate corroborative material was shown, the penalty order was set aside and relief was granted on the merits of the alleged contraventions. Case-Laws FEMA Tue, 30 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384077