https://www.taxtmi.com/caselaws?id=457369 Contravention of foreign exchange restrictions was upheld where payment to or for the credit of a person resident outside India was made without Reserve Bank permission. The Tribunal treated the appellant's admission, corroborating statements, and surrounding circumstances as sufficient proof, and held that the retraction failed because coercion, threat, or inducement was not established. The finding of guilt was therefore maintained. Although the contravention stood proved, the Tribunal considered the nature of the transaction, the long pendency, and the case circumstances and held the penalty excessive. The monetary penalty was reduced to the amount already deposited. en-us Wed, 12 Aug 2009 00:00:00 +0530 Wed, 18 Sep 2024 13:07:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457369 Contravention of foreign exchange restrictions was upheld where payment to or for the credit of a person resident outside India was made without Reserve Bank permission. The Tribunal treated the appellant's admission, corroborating statements, and surrounding circumstances as sufficient proof, and held that the retraction failed because coercion, threat, or inducement was not established. The finding of guilt was therefore maintained. Although the contravention stood proved, the Tribunal considered the nature of the transaction, the long pendency, and the case circumstances and held the penalty excessive. The monetary penalty was reduced to the amount already deposited. Case-Laws FEMA Wed, 12 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457369