https://www.taxtmi.com/caselaws?id=782917 A retracted statement is not excluded merely because it has been withdrawn; it may still be relied on where the authority considers the retraction and the statement is voluntary and materially corroborated by independent evidence. On the facts, the Tribunal noted supporting material such as seized documents, cash recovery, funded travel expenses, interception of foreign currency and connected statements, and sustained the finding of contravention. It also held that the penalty could be reduced on equitable considerations, taking into account the appellant's age and amounts already seized or deposited, and directed adjustment of those sums. en-us Wed, 19 Nov 2025 00:00:00 +0530 Sat, 06 Dec 2025 08:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782917 A retracted statement is not excluded merely because it has been withdrawn; it may still be relied on where the authority considers the retraction and the statement is voluntary and materially corroborated by independent evidence. On the facts, the Tribunal noted supporting material such as seized documents, cash recovery, funded travel expenses, interception of foreign currency and connected statements, and sustained the finding of contravention. It also held that the penalty could be reduced on equitable considerations, taking into account the appellant's age and amounts already seized or deposited, and directed adjustment of those sums. Case-Laws FEMA Wed, 19 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782917