https://www.taxtmi.com/caselaws?id=467077 Section 72 of the Foreign Exchange Regulation Act, 1973 presumption could not be applied to documents seized from the residence of a person who was not proceeded against jointly, so the presumption was unavailable on these facts. The appellant company was nevertheless correctly identified as the noticee because the seized material, the director's association with the entity, and the surrounding record resolved the identity issue. Retracted Section 40 statements retained evidentiary value where they were delayed in retraction and corroborated by seized records. Bound notebooks and registers, treated as account-like records, together with the witness evidence and surrounding circumstances, established the alleged contraventions on a preponderance of probabilities. en-us Thu, 09 Jan 2025 00:00:00 +0530 Thu, 05 Mar 2026 19:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467077 Section 72 of the Foreign Exchange Regulation Act, 1973 presumption could not be applied to documents seized from the residence of a person who was not proceeded against jointly, so the presumption was unavailable on these facts. The appellant company was nevertheless correctly identified as the noticee because the seized material, the director's association with the entity, and the surrounding record resolved the identity issue. Retracted Section 40 statements retained evidentiary value where they were delayed in retraction and corroborated by seized records. Bound notebooks and registers, treated as account-like records, together with the witness evidence and surrounding circumstances, established the alleged contraventions on a preponderance of probabilities. Case-Laws FEMA Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467077