https://www.taxtmi.com/caselaws?id=457796 A penalty for contravention of foreign exchange law cannot be sustained where the alleged under-invoicing rests only on customs valuation that has already been set aside, and there is no independent evidence of the import value or payment. The appellant's statement alone was insufficient to prove guilt or replace objective proof. Because the alleged payment was wholly derivative of the unproved under-invoicing, that allegation also failed. The contravention finding was therefore set aside and the penalty was held unsustainable. en-us Mon, 11 Oct 1999 00:00:00 +0530 Fri, 27 Sep 2024 15:36:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457796 A penalty for contravention of foreign exchange law cannot be sustained where the alleged under-invoicing rests only on customs valuation that has already been set aside, and there is no independent evidence of the import value or payment. The appellant's statement alone was insufficient to prove guilt or replace objective proof. Because the alleged payment was wholly derivative of the unproved under-invoicing, that allegation also failed. The contravention finding was therefore set aside and the penalty was held unsustainable. Case-Laws FEMA Mon, 11 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457796