https://www.taxtmi.com/caselaws?id=457370 Receipt of substantial sums through cheques from NRE accounts, supported by gift deeds executed in India, was treated as a compensatory transaction rather than genuine gifts because the alleged non-resident donors were not present in India, were unrelated to the recipient, and no credible explanation was given for the transfers. Applying principles on voluntary and retracted statements, circumstantial evidence, burden of proof, human conduct, and adverse inference from facts within special knowledge, the Tribunal upheld the finding of contravention of foreign exchange law. It also found no basis to regard the penalty as harsh or disproportionate, and sustained the penalty. en-us Fri, 06 Nov 2009 00:00:00 +0530 Wed, 18 Sep 2024 13:07:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457370 Receipt of substantial sums through cheques from NRE accounts, supported by gift deeds executed in India, was treated as a compensatory transaction rather than genuine gifts because the alleged non-resident donors were not present in India, were unrelated to the recipient, and no credible explanation was given for the transfers. Applying principles on voluntary and retracted statements, circumstantial evidence, burden of proof, human conduct, and adverse inference from facts within special knowledge, the Tribunal upheld the finding of contravention of foreign exchange law. It also found no basis to regard the penalty as harsh or disproportionate, and sustained the penalty. Case-Laws FEMA Fri, 06 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457370