https://www.taxtmi.com/caselaws?id=457430 A retracted confessional statement can be relied on in foreign exchange contravention proceedings if the retraction is belated, unsubstantiated, and the statement is found voluntary and corroborated by surrounding evidence such as co-noticee testimony, seizure material, and recovered documents. On that footing, contravention of sections 8(1) and 8(2) of the Foreign Exchange Regulation Act, 1973 was sustained. The penalty may nevertheless be moderated where confiscation of the seized amount has already been ordered and the overall punishment is excessive; accordingly, the monetary penalty was reduced. en-us Fri, 12 Dec 2008 00:00:00 +0530 Thu, 19 Sep 2024 14:11:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457430 A retracted confessional statement can be relied on in foreign exchange contravention proceedings if the retraction is belated, unsubstantiated, and the statement is found voluntary and corroborated by surrounding evidence such as co-noticee testimony, seizure material, and recovered documents. On that footing, contravention of sections 8(1) and 8(2) of the Foreign Exchange Regulation Act, 1973 was sustained. The penalty may nevertheless be moderated where confiscation of the seized amount has already been ordered and the overall punishment is excessive; accordingly, the monetary penalty was reduced. Case-Laws FEMA Fri, 12 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457430