https://www.taxtmi.com/caselaws?id=459805 A penalty for contravention of foreign exchange law could not be sustained where the case rested mainly on a retracted statement recorded during search, without independent evidence to corroborate the alleged mode of remittance from abroad. The seized Indian currency and bank entries were found insufficient, by themselves, to prove tainted receipt or unlawful import. Mere physical receipt of money did not establish the offence, and the facts found also pointed away from the appellant as the recipient. The contravention finding was therefore set aside and the penalty could not stand. en-us Thu, 05 Aug 1999 00:00:00 +0530 Sat, 28 Dec 2024 11:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459805 A penalty for contravention of foreign exchange law could not be sustained where the case rested mainly on a retracted statement recorded during search, without independent evidence to corroborate the alleged mode of remittance from abroad. The seized Indian currency and bank entries were found insufficient, by themselves, to prove tainted receipt or unlawful import. Mere physical receipt of money did not establish the offence, and the facts found also pointed away from the appellant as the recipient. The contravention finding was therefore set aside and the penalty could not stand. Case-Laws FEMA Thu, 05 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459805