https://www.taxtmi.com/caselaws?id=457729 In quasi-criminal proceedings under foreign exchange law, a retracted statement can sustain liability only if it is voluntary and corroborated in material particulars. The tribunal found that the appellant's statements were promptly retracted and were not reliable voluntary admissions, and the seized documents did not provide adequate corroboration of the alleged foreign-directed payments. On that basis, the contravention was not proved beyond reasonable doubt, the penalty could not be sustained, and the impugned penalty order was set aside with release of the seized amount. en-us Fri, 27 Dec 2002 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457729 In quasi-criminal proceedings under foreign exchange law, a retracted statement can sustain liability only if it is voluntary and corroborated in material particulars. The tribunal found that the appellant's statements were promptly retracted and were not reliable voluntary admissions, and the seized documents did not provide adequate corroboration of the alleged foreign-directed payments. On that basis, the contravention was not proved beyond reasonable doubt, the penalty could not be sustained, and the impugned penalty order was set aside with release of the seized amount. Case-Laws FEMA Fri, 27 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457729