https://www.taxtmi.com/caselaws?id=787066 Retracted statements may be treated as admissible evidence if voluntariness is established and independent, cogent corroboration exists; the tribunal relied on the declarant's handwriting, supporting witness statements and cash recovery to validate a retracted statement. Where proceeds of an alleged gold sale could not be shown lawful, confiscation of recovered funds was upheld as proper relief for contravention of foreign exchange law, while the monetary penalty was moderated on equitable and procedural grounds, resulting in upheld confiscation and a reduced penalty. en-us Thu, 08 Jan 2026 00:00:00 +0530 Thu, 26 Feb 2026 07:35:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787066 Retracted statements may be treated as admissible evidence if voluntariness is established and independent, cogent corroboration exists; the tribunal relied on the declarant's handwriting, supporting witness statements and cash recovery to validate a retracted statement. Where proceeds of an alleged gold sale could not be shown lawful, confiscation of recovered funds was upheld as proper relief for contravention of foreign exchange law, while the monetary penalty was moderated on equitable and procedural grounds, resulting in upheld confiscation and a reduced penalty. Case-Laws FEMA Thu, 08 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787066