https://www.taxtmi.com/caselaws?id=759795 The Tribunal upheld the contravention of Section 3(c) of FEMA, determining that the appellant received payments from a person outside India, supported by phone records. Despite the appellant's arguments against the reliance on retracted statements, the Tribunal found sufficient evidence. The penalty was reduced from Rs. 5,00,000/- to Rs. 1,50,000/-, considering the deposit and confiscated funds. The remaining amount with the Enforcement Directorate was ordered to be adjusted towards the penalty, partially allowing the appeal. en-us Wed, 12 Jun 2024 00:00:00 +0530 Tue, 08 Oct 2024 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759795 The Tribunal upheld the contravention of Section 3(c) of FEMA, determining that the appellant received payments from a person outside India, supported by phone records. Despite the appellant's arguments against the reliance on retracted statements, the Tribunal found sufficient evidence. The penalty was reduced from Rs. 5,00,000/- to Rs. 1,50,000/-, considering the deposit and confiscated funds. The remaining amount with the Enforcement Directorate was ordered to be adjusted towards the penalty, partially allowing the appeal. Case-Laws FEMA Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759795