https://www.taxtmi.com/caselaws?id=457743 Seized documents recovered from a person's residence, containing unexplained foreign currency entries and conversion details, can support an adverse inference and sustain a finding of contravention of section 8 of the Foreign Exchange Regulation Act, 1973 when not satisfactorily rebutted. At the same time, penalty computation must be confined to transactions actually attributable and proven; duplicated figures and amounts not properly linked to the appellant justified reduction of the monetary penalty. The adjudication on contravention was upheld, but the penalty was substantially scaled down on the basis of excessive computation. en-us Wed, 08 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457743 Seized documents recovered from a person's residence, containing unexplained foreign currency entries and conversion details, can support an adverse inference and sustain a finding of contravention of section 8 of the Foreign Exchange Regulation Act, 1973 when not satisfactorily rebutted. At the same time, penalty computation must be confined to transactions actually attributable and proven; duplicated figures and amounts not properly linked to the appellant justified reduction of the monetary penalty. The adjudication on contravention was upheld, but the penalty was substantially scaled down on the basis of excessive computation. Case-Laws FEMA Wed, 08 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457743