https://www.taxtmi.com/caselaws?id=766139 Penal action for alleged contravention of foreign exchange law could not be sustained where the statement relied on was promptly retracted, recorded in suspicious circumstances, and not supported by independent corroboration. The Tribunal found that the alleged chain linking the seized currency to instructions from persons abroad was not properly investigated, no effective enquiry was made from the named persons, and the nexus between the persons referred to in the statements remained unproved. It also noted that the respondent's cash book and accounts were not satisfactorily addressed. The appellate order setting aside the penalty and confiscation was therefore left undisturbed. en-us Thu, 09 Jan 2025 00:00:00 +0530 Mon, 17 Feb 2025 18:12:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766139 Penal action for alleged contravention of foreign exchange law could not be sustained where the statement relied on was promptly retracted, recorded in suspicious circumstances, and not supported by independent corroboration. The Tribunal found that the alleged chain linking the seized currency to instructions from persons abroad was not properly investigated, no effective enquiry was made from the named persons, and the nexus between the persons referred to in the statements remained unproved. It also noted that the respondent's cash book and accounts were not satisfactorily addressed. The appellate order setting aside the penalty and confiscation was therefore left undisturbed. Case-Laws FEMA Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766139