https://www.taxtmi.com/caselaws?id=457740 Penalty under FERA could not be sustained against the partner or the firm because the adjudication record lacked independent corroboration. The partner's liability was based mainly on another partner's statement and an assumption that he controlled firm affairs, but he was abroad during the relevant period and had already been acquitted in the connected criminal case. The firm's liability rested on seized documents and statements later retracted, which did not independently link it to the alleged contravention. In the absence of reliable supporting evidence, the adjudication order was set aside and the deposited amounts were directed to be refunded. en-us Tue, 21 Aug 2001 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457740 Penalty under FERA could not be sustained against the partner or the firm because the adjudication record lacked independent corroboration. The partner's liability was based mainly on another partner's statement and an assumption that he controlled firm affairs, but he was abroad during the relevant period and had already been acquitted in the connected criminal case. The firm's liability rested on seized documents and statements later retracted, which did not independently link it to the alleged contravention. In the absence of reliable supporting evidence, the adjudication order was set aside and the deposited amounts were directed to be refunded. Case-Laws FEMA Tue, 21 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457740