https://www.taxtmi.com/caselaws?id=457726 In penal proceedings under foreign exchange law, a penalty or confiscation cannot rest on an uncorroborated statement recorded by police outside the statutory framework. The tribunal noted that the appellant's statement was not recorded under section 40 of the Foreign Exchange Regulation Act, and the seizure material was not supported by independent investigation proving the alleged foreign principal or the required live link establishing contravention. Because guilt in such proceedings must be proved by legal, reliable, and corroborated evidence beyond reasonable doubt, conjecture or speculation was insufficient. The penalty and confiscation were therefore set aside. en-us Fri, 07 Mar 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457726 In penal proceedings under foreign exchange law, a penalty or confiscation cannot rest on an uncorroborated statement recorded by police outside the statutory framework. The tribunal noted that the appellant's statement was not recorded under section 40 of the Foreign Exchange Regulation Act, and the seizure material was not supported by independent investigation proving the alleged foreign principal or the required live link establishing contravention. Because guilt in such proceedings must be proved by legal, reliable, and corroborated evidence beyond reasonable doubt, conjecture or speculation was insufficient. The penalty and confiscation were therefore set aside. Case-Laws FEMA Fri, 07 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457726