https://www.taxtmi.com/caselaws?id=457899 A retracted and unreliable confession was held insufficient, by itself, to prove sale and purchase of foreign exchange, so the charge under section 8(2) failed. However, where foreign exchange was found concealed in the premises and no lawful source or Reserve Bank permission was shown, unexplained possession supported contravention by otherwise acquiring foreign exchange under section 8(1). The seized Indian currency was not sustainable for confiscation because no independent material linked it to the alleged foreign exchange dealings, and the explanation rejection alone did not establish the necessary nexus. The result was partial success: the Indian currency confiscation and section 8(2) finding were set aside, while the foreign exchange confiscation and penalty based on section 8(1) were maintained. en-us Tue, 27 Feb 1996 00:00:00 +0530 Mon, 30 Sep 2024 16:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457899 A retracted and unreliable confession was held insufficient, by itself, to prove sale and purchase of foreign exchange, so the charge under section 8(2) failed. However, where foreign exchange was found concealed in the premises and no lawful source or Reserve Bank permission was shown, unexplained possession supported contravention by otherwise acquiring foreign exchange under section 8(1). The seized Indian currency was not sustainable for confiscation because no independent material linked it to the alleged foreign exchange dealings, and the explanation rejection alone did not establish the necessary nexus. The result was partial success: the Indian currency confiscation and section 8(2) finding were set aside, while the foreign exchange confiscation and penalty based on section 8(1) were maintained. Case-Laws FEMA Tue, 27 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457899