https://www.taxtmi.com/caselaws?id=457365 Contravention of section 8(1) and section 8(2) of the Foreign Exchange Regulation Act, 1973 was upheld where foreign exchange and Indian currency were recovered from the appellant and his earlier statement was corroborated by seizure records and connected witness statements. The appellant's later retraction was rejected because no evidence showed coercion or threat, and the statement remained supported by independent material and surrounding circumstances. The Tribunal also held that denial of cross-examination did not amount to a natural justice breach, as no specific basis was shown for it. On the evidence, the appellant failed to explain lawful source and possession, and the penalty was sustained as justified and not excessive. en-us Tue, 22 Dec 2009 00:00:00 +0530 Wed, 18 Sep 2024 12:22:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457365 Contravention of section 8(1) and section 8(2) of the Foreign Exchange Regulation Act, 1973 was upheld where foreign exchange and Indian currency were recovered from the appellant and his earlier statement was corroborated by seizure records and connected witness statements. The appellant's later retraction was rejected because no evidence showed coercion or threat, and the statement remained supported by independent material and surrounding circumstances. The Tribunal also held that denial of cross-examination did not amount to a natural justice breach, as no specific basis was shown for it. On the evidence, the appellant failed to explain lawful source and possession, and the penalty was sustained as justified and not excessive. Case-Laws FEMA Tue, 22 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457365