https://www.taxtmi.com/caselaws?id=457484 In foreign-exchange proceedings, a retracted statement may still sustain findings of contravention and abetment when independently corroborated by seized documents, recovered currency, and surrounding circumstances. The tribunal applied the standard of legal probability, noting that economic offences are proved by a prudent person's assessment rather than mathematical certainty. Challenges based on retraction, delay in issuing the show-cause notice, non-supply of documents, and alleged insufficiency of proof were rejected. The contraventions and abetment charge were therefore held proved, and the penalties were sustained. en-us Mon, 21 Jul 2008 00:00:00 +0530 Fri, 20 Sep 2024 16:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457484 In foreign-exchange proceedings, a retracted statement may still sustain findings of contravention and abetment when independently corroborated by seized documents, recovered currency, and surrounding circumstances. The tribunal applied the standard of legal probability, noting that economic offences are proved by a prudent person's assessment rather than mathematical certainty. Challenges based on retraction, delay in issuing the show-cause notice, non-supply of documents, and alleged insufficiency of proof were rejected. The contraventions and abetment charge were therefore held proved, and the penalties were sustained. Case-Laws FEMA Mon, 21 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457484