https://www.taxtmi.com/caselaws?id=457565 A penalty for contravention of section 8(1) and section 8(2) of the Foreign Exchange Regulation Act, 1973 was upheld where the appellant admitted unauthorized purchase and sale of foreign exchange at rates other than those prescribed by the RBI. The later retraction was delayed and unsupported by material showing coercion or inducement. The confession was corroborated by recovery of foreign currency and documents from a person found in the appellant's premises, together with that person's statement. A retracted confession may be relied on when it appears true and receives assurance from other evidence, and no satisfactory basis was shown to discard the adjudication findings. en-us Fri, 27 Oct 2006 00:00:00 +0530 Mon, 23 Sep 2024 17:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457565 A penalty for contravention of section 8(1) and section 8(2) of the Foreign Exchange Regulation Act, 1973 was upheld where the appellant admitted unauthorized purchase and sale of foreign exchange at rates other than those prescribed by the RBI. The later retraction was delayed and unsupported by material showing coercion or inducement. The confession was corroborated by recovery of foreign currency and documents from a person found in the appellant's premises, together with that person's statement. A retracted confession may be relied on when it appears true and receives assurance from other evidence, and no satisfactory basis was shown to discard the adjudication findings. Case-Laws FEMA Fri, 27 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457565