https://www.taxtmi.com/caselaws?id=457754 A retracted statement under the Foreign Exchange Regulation Act, 1973 may still be relied upon where it is independently corroborated by seized drafts, envelopes, recipient lists, and other surrounding material. The corroborative record also supported the same factual matrix as the admissions of other persons, so the finding of contravention was upheld. On penalty, the tribunal found no basis to treat the sanction as excessive or disproportionate in light of the nature of the violation and the record, and therefore declined interference. en-us Wed, 27 Jun 2001 00:00:00 +0530 Thu, 26 Sep 2024 17:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457754 A retracted statement under the Foreign Exchange Regulation Act, 1973 may still be relied upon where it is independently corroborated by seized drafts, envelopes, recipient lists, and other surrounding material. The corroborative record also supported the same factual matrix as the admissions of other persons, so the finding of contravention was upheld. On penalty, the tribunal found no basis to treat the sanction as excessive or disproportionate in light of the nature of the violation and the record, and therefore declined interference. Case-Laws FEMA Wed, 27 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457754