https://www.taxtmi.com/caselaws?id=457444 A retracted confession admitting sale of foreign exchange without Reserve Bank permission can support a finding of contravention under section 8(1) of the Foreign Exchange Regulation Act, 1973, where the maker fails to prove coercion or threat and the admission is corroborated by independent statements and surrounding circumstances; the finding of guilt was upheld. Penalty may nevertheless be moderated where mitigating factors such as advanced age, illness, and financial hardship show that the original amount is disproportionate; the penalty was reduced accordingly. en-us Wed, 03 Sep 2008 00:00:00 +0530 Thu, 19 Sep 2024 18:32:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457444 A retracted confession admitting sale of foreign exchange without Reserve Bank permission can support a finding of contravention under section 8(1) of the Foreign Exchange Regulation Act, 1973, where the maker fails to prove coercion or threat and the admission is corroborated by independent statements and surrounding circumstances; the finding of guilt was upheld. Penalty may nevertheless be moderated where mitigating factors such as advanced age, illness, and financial hardship show that the original amount is disproportionate; the penalty was reduced accordingly. Case-Laws FEMA Wed, 03 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457444