https://www.taxtmi.com/caselaws?id=457721 Contravention of foreign exchange restrictions was upheld where the appellant's statement admitted dealings in foreign exchange and the seized currency and supporting documents corroborated that conduct; the later retraction did not displace the evidence accepted by the adjudicating authority, so the penalty was maintained. Confiscation of the seized Indian currency was also examined on proportionality grounds, and complete confiscation was found excessive on the facts. The confiscatory order was therefore modified to permit only partial confiscation, with the balance directed to be returned after adjustment of the penalty. en-us Mon, 05 May 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457721 Contravention of foreign exchange restrictions was upheld where the appellant's statement admitted dealings in foreign exchange and the seized currency and supporting documents corroborated that conduct; the later retraction did not displace the evidence accepted by the adjudicating authority, so the penalty was maintained. Confiscation of the seized Indian currency was also examined on proportionality grounds, and complete confiscation was found excessive on the facts. The confiscatory order was therefore modified to permit only partial confiscation, with the balance directed to be returned after adjustment of the penalty. Case-Laws FEMA Mon, 05 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457721