https://www.taxtmi.com/caselaws?id=466975 Contravention of foreign exchange law was upheld where an un-retracted statement of a co-noticee, read with surrounding circumstances, was treated as sufficient to support the finding that the appellants had tendered USD 15,000. Although the incriminating material was considered weak, the Tribunal accepted that the evidence established liability. The penalty was nevertheless reduced because the appellants were found to have played only a minor role in the transaction, warranting moderation of the sanction. en-us Tue, 20 May 2025 00:00:00 +0530 Sun, 01 Mar 2026 09:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466975 Contravention of foreign exchange law was upheld where an un-retracted statement of a co-noticee, read with surrounding circumstances, was treated as sufficient to support the finding that the appellants had tendered USD 15,000. Although the incriminating material was considered weak, the Tribunal accepted that the evidence established liability. The penalty was nevertheless reduced because the appellants were found to have played only a minor role in the transaction, warranting moderation of the sanction. Case-Laws FEMA Tue, 20 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466975