https://www.taxtmi.com/caselaws?id=457424 Retracted statements may be relied on where no inducement, threat, or coercion is shown and the retraction appears to be an afterthought; corroborative seized documents, third-party statements, and admissions can sustain a finding of contravention under sections 9(1)(b) and 16(1) of the Foreign Exchange Regulation Act, 1973. The statutory presumption attaching to seized documents supported the inference drawn from the surrounding circumstances, so the violation was sustained. On penalty, a partnership firm and its partner cannot both be penalised separately for the same contravention; liability was therefore shifted to the partner responsible for the business, while the penalty on the firm was deleted. en-us Fri, 26 Dec 2008 00:00:00 +0530 Thu, 19 Sep 2024 12:51:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457424 Retracted statements may be relied on where no inducement, threat, or coercion is shown and the retraction appears to be an afterthought; corroborative seized documents, third-party statements, and admissions can sustain a finding of contravention under sections 9(1)(b) and 16(1) of the Foreign Exchange Regulation Act, 1973. The statutory presumption attaching to seized documents supported the inference drawn from the surrounding circumstances, so the violation was sustained. On penalty, a partnership firm and its partner cannot both be penalised separately for the same contravention; liability was therefore shifted to the partner responsible for the business, while the penalty on the firm was deleted. Case-Laws FEMA Fri, 26 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457424