https://www.taxtmi.com/caselaws?id=769689 The Appellate Tribunal under SAFEMA upheld hawala transaction contraventions against the appellant based on a recovered notebook containing daily hawala business details. Despite the appellant's retracted statement, the Tribunal found corroborating evidence through the notebook and witness testimony. The Tribunal rejected arguments regarding reliance on loose sheets and denial of cross-examination. However, penalties were reduced: for the main appellant to Rs. 40 lakh (Section 3(c)), Rs. 60 lakh (Section 3(a)), and Rs. 40 lakh (Section 3(b)). For the employee co-appellant, penalties were substantially reduced to Rs. 90,000-1 lakh per section, considering his limited role and salary. en-us Thu, 17 Apr 2025 00:00:00 +0530 Tue, 29 Apr 2025 09:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769689 The Appellate Tribunal under SAFEMA upheld hawala transaction contraventions against the appellant based on a recovered notebook containing daily hawala business details. Despite the appellant's retracted statement, the Tribunal found corroborating evidence through the notebook and witness testimony. The Tribunal rejected arguments regarding reliance on loose sheets and denial of cross-examination. However, penalties were reduced: for the main appellant to Rs. 40 lakh (Section 3(c)), Rs. 60 lakh (Section 3(a)), and Rs. 40 lakh (Section 3(b)). For the employee co-appellant, penalties were substantially reduced to Rs. 90,000-1 lakh per section, considering his limited role and salary. Case-Laws FEMA Thu, 17 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769689