https://www.taxtmi.com/caselaws?id=440852 A penalty under foreign exchange law cannot rest solely on a promptly retracted statement unless independent corroborative evidence supports the alleged receipt or distribution of foreign exchange. Where the same seizure has already failed to sustain the charge and the surrounding material, including tax records, does not corroborate the allegation, the penal order lacks a legal foundation. If the basis for retention of seized money fails, continued withholding is unauthorised and restitution with interest becomes appropriate. The text also notes that the seized balance was ordered to be refunded with simple interest. en-us Fri, 21 Jul 2023 00:00:00 +0530 Fri, 28 Jul 2023 09:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440852 A penalty under foreign exchange law cannot rest solely on a promptly retracted statement unless independent corroborative evidence supports the alleged receipt or distribution of foreign exchange. Where the same seizure has already failed to sustain the charge and the surrounding material, including tax records, does not corroborate the allegation, the penal order lacks a legal foundation. If the basis for retention of seized money fails, continued withholding is unauthorised and restitution with interest becomes appropriate. The text also notes that the seized balance was ordered to be refunded with simple interest. Case-Laws FEMA Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440852