https://www.taxtmi.com/caselaws?id=457949 The appeal against the penalty under Section 5(1)(aa) of the Foreign Exchange Regulation Act, 1947, was allowed. The appellant's retracted confession lacked corroboration and extraneous evidence, leading to the conclusion that relying solely on it was imprudent. Consequently, the penalty imposed by the Deputy Director was set aside, and any paid penalty was ordered to be refunded, granting the appellant the benefit of the doubt due to insufficient substantial evidence. en-us Tue, 23 Sep 1975 00:00:00 +0530 Tue, 01 Oct 2024 18:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457949 The appeal against the penalty under Section 5(1)(aa) of the Foreign Exchange Regulation Act, 1947, was allowed. The appellant's retracted confession lacked corroboration and extraneous evidence, leading to the conclusion that relying solely on it was imprudent. Consequently, the penalty imposed by the Deputy Director was set aside, and any paid penalty was ordered to be refunded, granting the appellant the benefit of the doubt due to insufficient substantial evidence. Case-Laws FEMA Tue, 23 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457949