https://www.taxtmi.com/caselaws?id=457909 The appellate tribunal concluded that the findings of contravention of sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973, were unsustainable due to insufficient admissible evidence and failure to consider relevant evidence presented by the appellants. Consequently, the tribunal set aside the adjudicating officer's order, allowing the appeals and nullifying the penalties imposed on the appellants. The tribunal emphasized the necessity for objective evidence and criticized the reliance on inadmissible statements and general malpractices in foreign exchange transactions. The tribunal's decision underscored the importance of specific factual analysis in legal determinations. en-us Fri, 03 Feb 1995 00:00:00 +0530 Tue, 05 Nov 2024 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457909 The appellate tribunal concluded that the findings of contravention of sections 8(3) and 8(4) of the Foreign Exchange Regulation Act, 1973, were unsustainable due to insufficient admissible evidence and failure to consider relevant evidence presented by the appellants. Consequently, the tribunal set aside the adjudicating officer's order, allowing the appeals and nullifying the penalties imposed on the appellants. The tribunal emphasized the necessity for objective evidence and criticized the reliance on inadmissible statements and general malpractices in foreign exchange transactions. The tribunal's decision underscored the importance of specific factual analysis in legal determinations. Case-Laws FEMA Fri, 03 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457909