https://www.taxtmi.com/caselaws?id=457900 Contravention of foreign exchange restrictions was upheld where seized documents, recovery of Indian currency and the appellant's own statement showed receipt and onward distribution of funds outside proper banking channels; a retracted statement could still be relied on to the extent it was voluntary and true, and denial of cross-examination of retracted co-accused statements caused no prejudice on these facts. Confiscation of the seized currency was set aside because the department failed to prove a sufficient nexus with the alleged contravention and no presumption arose merely from possession of Indian currency. The monetary penalty was reduced in light of the appellant's financial position and the composite nature of the transactions. en-us Fri, 26 Jul 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457900 Contravention of foreign exchange restrictions was upheld where seized documents, recovery of Indian currency and the appellant's own statement showed receipt and onward distribution of funds outside proper banking channels; a retracted statement could still be relied on to the extent it was voluntary and true, and denial of cross-examination of retracted co-accused statements caused no prejudice on these facts. Confiscation of the seized currency was set aside because the department failed to prove a sufficient nexus with the alleged contravention and no presumption arose merely from possession of Indian currency. The monetary penalty was reduced in light of the appellant's financial position and the composite nature of the transactions. Case-Laws FEMA Fri, 26 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457900