https://www.taxtmi.com/caselaws?id=286386 A retracted statement under FERA cannot, by itself, sustain liability unless it is shown to be voluntary and is independently corroborated by cogent material establishing the statutory ingredients of the contravention. The Delhi HC found that the statement relied upon was retracted the next day, lacked independent support, and was vague as to the alleged flow of funds. It also held that no other substantive material showed receipt of payment by order or on behalf of a person resident outside India, or absence of inward remittance. The penalty and confiscation orders were therefore unsustainable, and return of the seized amount with 6% interest was directed. en-us Wed, 19 Feb 2020 00:00:00 +0530 Mon, 09 Nov 2020 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286386 A retracted statement under FERA cannot, by itself, sustain liability unless it is shown to be voluntary and is independently corroborated by cogent material establishing the statutory ingredients of the contravention. The Delhi HC found that the statement relied upon was retracted the next day, lacked independent support, and was vague as to the alleged flow of funds. It also held that no other substantive material showed receipt of payment by order or on behalf of a person resident outside India, or absence of inward remittance. The penalty and confiscation orders were therefore unsustainable, and return of the seized amount with 6% interest was directed. Case-Laws FEMA Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286386