https://www.taxtmi.com/caselaws?id=787135 Retracted statements may support abetment liability under foreign exchange law when they are substantially corroborated by bank records and other independent material. The tribunal found that the appellant's financing and facilitation of remittances, read with the corroborative record, established intentional aid to the prohibited transaction and the statutory presumption of culpable mental state was not rebutted. On penalty, the appellant's role was limited to abetment, so the sanction was moderated as excessive and the pre-deposit was directed to be adjusted. Liability for abetment was upheld, while the penalty was reduced. en-us Thu, 27 Nov 2025 00:00:00 +0530 Fri, 27 Feb 2026 08:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787135 Retracted statements may support abetment liability under foreign exchange law when they are substantially corroborated by bank records and other independent material. The tribunal found that the appellant's financing and facilitation of remittances, read with the corroborative record, established intentional aid to the prohibited transaction and the statutory presumption of culpable mental state was not rebutted. On penalty, the appellant's role was limited to abetment, so the sanction was moderated as excessive and the pre-deposit was directed to be adjusted. Liability for abetment was upheld, while the penalty was reduced. Case-Laws FEMA Thu, 27 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787135