https://www.taxtmi.com/caselaws?id=457797 Retraction of the appellant's and intermediary's statements, without independent corroboration, was held insufficient to prove contravention of the foreign exchange law under section 8(1) and (2); the charge was set aside. Amounts credited through banking channels into the appellant's rupee account were treated as receipt of money, not prohibited acquisition of foreign exchange, so the alleged contravention under section 7(1) and (2) also failed. The penalty and confiscation were annulled, with consequential refund directed. en-us Tue, 31 Aug 1999 00:00:00 +0530 Fri, 27 Sep 2024 15:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457797 Retraction of the appellant's and intermediary's statements, without independent corroboration, was held insufficient to prove contravention of the foreign exchange law under section 8(1) and (2); the charge was set aside. Amounts credited through banking channels into the appellant's rupee account were treated as receipt of money, not prohibited acquisition of foreign exchange, so the alleged contravention under section 7(1) and (2) also failed. The penalty and confiscation were annulled, with consequential refund directed. Case-Laws FEMA Tue, 31 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457797