https://www.taxtmi.com/caselaws?id=302849 Confiscation of foreign currency and penalty under FERA could not be sustained where the record consistently showed that the currency belonged to the appellant's mother and no positive evidence established acquisition by the appellant. The statement at seizure and the defence taken later were found to be consistent, so mere possession of the currency was insufficient to prove acquisition. In the absence of material explaining how the foreign exchange was acquired, the confiscation and penalty orders lacked support, and the authorities' appreciation of evidence was held to be perverse. The challenge therefore succeeded in favour of the appellant. en-us Thu, 30 Sep 2010 00:00:00 +0530 Tue, 21 Jun 2022 16:56:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302849 Confiscation of foreign currency and penalty under FERA could not be sustained where the record consistently showed that the currency belonged to the appellant's mother and no positive evidence established acquisition by the appellant. The statement at seizure and the defence taken later were found to be consistent, so mere possession of the currency was insufficient to prove acquisition. In the absence of material explaining how the foreign exchange was acquired, the confiscation and penalty orders lacked support, and the authorities' appreciation of evidence was held to be perverse. The challenge therefore succeeded in favour of the appellant. Case-Laws FEMA Thu, 30 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302849