https://www.taxtmi.com/caselaws?id=759798 AT upheld contravention of Section 3(a) of FEMA, 1999 against appellant for unauthorized foreign currency trading. Appellant acquired and sold foreign currencies to Indian residents without RBI permission during July 2002. Tribunal rejected appellant's challenge to search validity and cross-examination denial, finding recorded statements and seized documents provided sufficient corroborative evidence. Despite appellant's failure to produce contrary evidence, AT reduced penalty from original amount to Rs. 8,50,000 considering appellant's efforts to maintain clean licensed money changer business operations. en-us Tue, 03 Sep 2024 00:00:00 +0530 Wed, 09 Oct 2024 08:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759798 AT upheld contravention of Section 3(a) of FEMA, 1999 against appellant for unauthorized foreign currency trading. Appellant acquired and sold foreign currencies to Indian residents without RBI permission during July 2002. Tribunal rejected appellant's challenge to search validity and cross-examination denial, finding recorded statements and seized documents provided sufficient corroborative evidence. Despite appellant's failure to produce contrary evidence, AT reduced penalty from original amount to Rs. 8,50,000 considering appellant's efforts to maintain clean licensed money changer business operations. Case-Laws FEMA Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759798