https://www.taxtmi.com/caselaws?id=758313 Contraventions under FEMA were upheld where the noticee's shifting explanations for seized Indian and foreign currency were inconsistent and unsupported by reliable evidence. The tribunal accepted, on a preponderance of probability, that receipt of money on behalf of a person resident outside India without RBI permission established breach of section 3(a) and section 3(c). It also found the foreign exchange was not credibly explained and was not surrendered within the prescribed period, establishing breach of section 8 read with Regulation 6A. The penalties and confiscation were sustained because no infirmity was shown in the adjudication process. en-us Tue, 16 Jul 2024 00:00:00 +0530 Thu, 12 Sep 2024 07:56:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758313 Contraventions under FEMA were upheld where the noticee's shifting explanations for seized Indian and foreign currency were inconsistent and unsupported by reliable evidence. The tribunal accepted, on a preponderance of probability, that receipt of money on behalf of a person resident outside India without RBI permission established breach of section 3(a) and section 3(c). It also found the foreign exchange was not credibly explained and was not surrendered within the prescribed period, establishing breach of section 8 read with Regulation 6A. The penalties and confiscation were sustained because no infirmity was shown in the adjudication process. Case-Laws FEMA Tue, 16 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758313