https://www.taxtmi.com/caselaws?id=457472 A retracted inculpatory statement may be relied on in a foreign exchange contravention case if it is voluntary, true and broadly supported by documentary and surrounding evidence. On that basis, the Tribunal treated the export invoices as inflated, accepted that the differential amount was returned in India, and upheld the finding of over-invoicing. It also held that the penalty was proportionate to the gravity and extent of the violation and declined interference merely because the appellants disputed liability or sought a lesser sanction. The adjudication order was therefore affirmed in full. en-us Thu, 07 Aug 2008 00:00:00 +0530 Fri, 20 Sep 2024 12:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457472 A retracted inculpatory statement may be relied on in a foreign exchange contravention case if it is voluntary, true and broadly supported by documentary and surrounding evidence. On that basis, the Tribunal treated the export invoices as inflated, accepted that the differential amount was returned in India, and upheld the finding of over-invoicing. It also held that the penalty was proportionate to the gravity and extent of the violation and declined interference merely because the appellants disputed liability or sought a lesser sanction. The adjudication order was therefore affirmed in full. Case-Laws FEMA Thu, 07 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457472