https://www.taxtmi.com/caselaws?id=459763 Retraction of a statement does not defeat liability where it is unsupported by independent material and is corroborated by seized documents and surrounding evidence. The Tribunal held that receipt and transmission of funds without requisite authorization were proved and sustained the finding of contravention. It also found the penalty excessive because the seized amount had already been confiscated, and therefore reduced the penalty, granting only limited relief while maintaining liability. en-us Tue, 10 Dec 2013 00:00:00 +0530 Fri, 27 Dec 2024 12:30:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459763 Retraction of a statement does not defeat liability where it is unsupported by independent material and is corroborated by seized documents and surrounding evidence. The Tribunal held that receipt and transmission of funds without requisite authorization were proved and sustained the finding of contravention. It also found the penalty excessive because the seized amount had already been confiscated, and therefore reduced the penalty, granting only limited relief while maintaining liability. Case-Laws Indian Laws Tue, 10 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459763