https://www.taxtmi.com/caselaws?id=457427 Contravention under the Foreign Exchange Regulation Act, 1973 was upheld where seized documents, a corroborative statement recorded under section 40, and surrounding circumstances supported the allegation, and the appellant's explanation was not backed by customer evidence or other credible material. The tribunal applied a standard of reasonable probability rather than mathematical certainty, and the failure to seek cross-examination of the intermediary justified an adverse inference. The penalty, however, was found disproportionate to the proven defaults because the adjudicating authority had overlapped the figures attributed to the two contraventions, so the monetary penalty was reduced. en-us Mon, 22 Dec 2008 00:00:00 +0530 Thu, 19 Sep 2024 14:11:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457427 Contravention under the Foreign Exchange Regulation Act, 1973 was upheld where seized documents, a corroborative statement recorded under section 40, and surrounding circumstances supported the allegation, and the appellant's explanation was not backed by customer evidence or other credible material. The tribunal applied a standard of reasonable probability rather than mathematical certainty, and the failure to seek cross-examination of the intermediary justified an adverse inference. The penalty, however, was found disproportionate to the proven defaults because the adjudicating authority had overlapped the figures attributed to the two contraventions, so the monetary penalty was reduced. Case-Laws FEMA Mon, 22 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457427