https://www.taxtmi.com/caselaws?id=457852 Retracted statements unsupported by reliable independent documentary corroboration could not sustain findings of contravention under the foreign exchange law; on that basis, the findings under sections 9(1)(a), 14 and 8(1) were set aside. The contravention under section 9(1)(c) was sustained, but the penalty was reduced because the breach was technical, the loan had been received through banking channels, and no mala fide intention was shown. en-us Mon, 18 Nov 1996 00:00:00 +0530 Sun, 29 Sep 2024 16:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457852 Retracted statements unsupported by reliable independent documentary corroboration could not sustain findings of contravention under the foreign exchange law; on that basis, the findings under sections 9(1)(a), 14 and 8(1) were set aside. The contravention under section 9(1)(c) was sustained, but the penalty was reduced because the breach was technical, the loan had been received through banking channels, and no mala fide intention was shown. Case-Laws FEMA Mon, 18 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457852